Schneider Electric has announced the terms of a proposal to buy UK company GET Group. The acquisition will see the French giant pay £2.60 in cash for each share.

The deal has been put in to force by way of a court-sanctioned Scheme of Arrangement under section 425 of the UK Companies Act.

GET is active in the UK wiring devices market and its Smart division offers cctv security systems and intelligent lighting controls. In 2005, the company generated £81 million in revenue, 5% of which was outside of the UK. The acquisition means Schneider Electric will attain a strong position in the UK residential market and consolidate its number two worldwide position in the wiring device market.

Christian Wiest, executive vice-president of Schneider Electric’s Europe Operating Division, said: “Following the acquisitions of AEM, OVA and Merten, GET will allow Schneider Electric to further strengthen its European and worldwide position in wiring devices. This will provide us with strong opportunities for cross-selling and growth in the UK, in overseas markets using British Standards wiring devices, and in broader export markets for their innovative new products in home control.”

Source

Electrical and Mechanical Contractor