Schneider Electric and American Power Conversion have announced that, subject to certain commitments, they have received final clearance from the European Commission for Schneider Electric to acquire all outstanding shares of APC for US$31.00 per share. Following the approval of APC shareholders at a special meeting on 16 January, 2007, this decision is a major milestone toward the successful completion of the acquisition. Schneider Electric and APC now expect to close the transaction within the next two weeks.
Consistent with the European Commission's requirements, Schneider Electric plans to divest its MGE UPS Systems operations in small systems below 10kVA. With estimated sales of around Ôé¼150 million, the divestment represents 6% of the combined operations of APC and MGE UPS Systems in critical power.