KKR AND WENDEL SIGN AGREEMENT TO PURCHASE
LEGRAND FROM SCHNEIDER ELECTRIC
Paris, July 28, 2002 -The
Wendel Consortium, which consists of Wendel
Investissement and Kohlberg Kravis Roberts &
Co. L.P. (KKR), today signed an agreement to
purchase the 98.1% of the share capital of Legrand
owned by Schneider Electric, for a purchase
price of €3.63 billion. Schneider granted
the Wendel Consortium a vendor's loan of €150
million for the transaction.
The Legrand group, with 27,000 employees in
54 countries, has a leading position in low
voltage electrical equipment. The group's strong
development is due in large measure to its outstanding
management team, which will continue to lead
the group with the total support and confidence
of the Wendel Consortium.
The Wendel Consortium has already been recognised
as transferee by the European Commission. The
completion of the transaction will remain subject
to the necessary anti-trust approvals from the
EU and from the majority of countries in which
Legrand operates. Following these approvals,
the sale should close during the fourth quarter
of 2002.
The Wendel Consortium has granted Schneider
the flexibility to relinquish the transaction
if, by October 2002, the Tribunal de Première
Instance annuls the decision of the EU dated
October 10, 2001, which prohibited the merger
of Schneider and Legrand. In that case, and
if Schneider decides not to sell Legrand, Schneider
would pay the Consortium a break up fee.
Financing is being arranged by Credit Suisse
First Boston, Lehman Brothers and the Royal
Bank of Scotland. Credit Suisse First Boston
and Lehman Brothers acted as M and A advisors
to the consortium.
Contacts:
WENDEL Investissement:
Christine DUTREIL
tel : 01 42 85 63 24 - 06 08 82 36 77
E-mail : c.dutreil@wendel-investissement.com
KKR:
Seth Goldschlager
01 44 43 72 42 - 06 09 42 50 40
seth.goldschlager@consultants.publicis.fr
Camille Michallet
01 44 43 72 25
camille
michallet@consultants.publicis.fr
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