Rueil Malmaison, France and West Kingston, R.I., February 20, 2007 Schneider Electric and American Power Conversion (Nasdaq: APCC) (APC) announced today 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 $31.00 per share. Following the approval of APC shareholders at a special meeting on January 16, 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 10 kVA. With estimated sales of around €150 million, the divestment represents 6% of the combined operations of APC and MGE UPS Systems in critical power.
About American Power Conversion
Founded in 1981, American Power Conversion (Nasdaq: APCC) (APC) is a leading provider of global, end-to-end solutions for real-time infrastructure. APC’s comprehensive products and services for home and corporate environments improve the availability, manageability and performance of sensitive electronic, network, communication and industrial equipment of all sizes. APC offers a wide variety of products for network-critical physical infrastructure including InfraStruXure, its revolutionary architecture for on-demand data centers, as well as physical threat management products through the company’s NetBotz division. These products and services help companies increase the availability and reliability of their IT systems.
Headquartered in West Kingston, Rhode Island, APC reported sales of $2.0 billion for the year ended December 31, 2005, and is a Fortune 1000, Nasdaq 100 and S&P 500 Company. All trademarks are the property of their respective owners.
About Schneider Electric
Schneider Electric is the world’s power and control specialist. Through its world-class brands, Merlin Gerin, Square D and Telemecanique, Schneider Electric anticipates and satisfies its customers’ requirements in the residential, building, industry and energy and infrastructure markets. With 105,000 employees and operations in 190 countries, Schneider Electric generated sales of €13.7 billion in 2006 through 13,000 distributor outlets.