LONDON -- Schneider Electric will acquire American Power Conversion for $6.1 billion in cash, the companies said Monday. The deal has been approved by APC's board and is expected to close in the first quarter 2007, pending APC shareholder approval.

The deal will make Schneider the world's largest provider of surge protector equipment.

"APC has always been a strategic target for Schneider. It is a reference brand in the fast-growing segment of critical power and has superb technology," Schneider chief executive Jean-Pascal Tricoire said on a conference call with analysts Monday.

APC had about $2 billion sales in 2005, and employs 7,600 workers.

• Prev
• Next