West Kingston, R.I. and Rueil Malmaison, France, January 17, 2007 - American Power Conversion Corporation (Nasdaq: APCC) (APC) and Schneider Electric announced that at a special meeting held yesterday the shareholders of APC approved the merger of APC with a wholly-owned subsidiary of Schneider Electric. As previously announced on October 30, 2006, APC and Schneider Electric entered into an agreement and plan of merger which provides, among other things, for each share of APC common stock to be converted to the right to receive $31.00 in cash.
APC and Schneider Electric continue to expect the transaction to close in the first quarter of 2007 pending receipt of outstanding antitrust regulatory approvals.
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.
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 92,000 employees and operations in 130 countries, Schneider Electric generated sales of €11.7 billion in 2005 through 13,000 distributor outlets.