Schneider Electric Acquires Xantrex

Xantrex Technology has entered into a definitive agreement to be acquired by Schneider Electric for a cash purchase price of CDN $15.00 per share. That represents a premium of approximately 55% over the “undisturbed” average closing price of Xantrex’s shares on the Toronto Stock Exchange for the 30-day period ending July 21, 2008 when the company disclosed that it was in exclusive negotiations. The all-cash transaction has an equity value of approximately $500 million.

As a condition to the sale of Xantrex to Schneider Electric, Xantrex will divest its programmable power business. Xantrex also announced that it has entered into a definitive agreement for the sale of its programmable power business to AMETEK, Inc. for $120 million in cash.

“These transactions maximize value for Xantrex’s shareholders,” says Mossadiq S. Umedaly, Xantrex’s chairman. “Schneider Electric’s outstanding global distribution, service and supply chain infrastructure combined with our world class technology and products will enable us to deliver more of our products to customers worldwide, making this a powerful combination. In addition, our programmable power division is highly complementary to AMETEK’s Power Instruments business.”

Jean-Pascal Tricoire, chairman of the management board and CEO of Schneider Electric, comments, “The acquisition of Xantrex will give us a unique opportunity to capture growth in the dynamic renewable energy market. The addition of Xantrex will accelerate our development as a total solutions provider and extend our position as the global specialist in energy management.”