Schneider Electric to acquire Invensys plc

Schneider says its cash and shares offer, first presented earlier this month, had an implied price of 502p per Invensys share or a 14% premium to the company’s closing price before the announcement of the discussions.

The French company, which distributes electricity and manufactures power equipment and energy efficiency products, says it expects the deal to produce annual revenue synergies of around €400m by 2018.

The transaction is expected to close in the fourth quarter of 2013.