Anixter to be bought by private equity firm CD&R in $3.8bn deal
US communications and security products supplier Anixter International said on Wednesday that it has agreed to be bought by private equity firm Clayton, Dubilier & Rice (CD&R) in an all-cash deal valued at around $3.8bn.
Anixter International Inc.
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Under the terms of the transaction, which will take Anixter private, CD&R-managed funds will pay $81 per share outstanding in cash. This is a premium of about 13% to the closing Anixter share price on Tuesday.
Anixter president and chief executive officer Bill Galvin said: "We believe this transaction is in the best interest of Anixter and our stockholders. After careful and thorough analysis, together with our independent advisors, our board of directors unanimously approved this transaction with CD&R, which has a strong reputation and a track record of success in helping industrial distributors, like Anixter, prosper and grow.
"As a private company, we believe Anixter will have greater flexibility to focus on and accelerate our long-term strategic priorities."
The deal is expected to close by the end of the first quarter of next year.