Rexel completes sale of Hagemeyer units to Sonepar

Industrial Distribution Staff -- Industrial Distribution, 7/1/2008 7:15:00 AM

Rexel completed the sale of several Hagemeyer units to its competitor, French electrical distributor Sonepar. The deal was completed June 30, ahead of the schedule Rexel set in March when it acquired Hagemeyer, a Dutch distributor of electrical and industrial MRO products.

The proceeds of the sale will reduce Rexel’s debt by approximately $2.7 billion—more than the projected $2.5 billion, according to a Thomson Financial News report. Rexel said the reduction will be reflected in its balance sheet as of June 30.

The businesses sold to Sonepar include operations in North America, Asia-Pacific, Austria, Sweden and Switzerland, as well as six branches in Germany. Excluded from the sale are Hagemeyer’s Agencies/Consumer Electronics businesses in those regions.

In addition, Rexel sold its German business to Sonepar and acquired Sonepar’s operations in Sweden.

In related news, Hagemeyer introduced its 2008 Marine Products catalog July 1. At nearly 500 pages, the catalog features industrial, electrical and safety products for the marine market.