Schneider Electric to Acquire MGE UPS Systems
Schneider Electric (Palatine, IL) announced that it has decided to fully acquire MGE UPS Systems Inc. (Costa Mesa, CA), in which it held a 32.3% interest as of December 31, 2002. The transaction should be completed in the first quarter of 2004, pending approval by anti-trust authorities, notably in the US and Europe. The total investment should amount to an enterprise value of around 850 million euros.
Schneider Electric Chairman and Chief Executive Officer Henri Lachmann stated, "This move gives us a new growth platform at a time when power quality is becoming a critical issue. This transaction fits in perfectly with our external growth strategy."