Rexel said the sale to Sonepar of non-retained units of Hagemeyer as well as the asset swap between Rexel Germany and Sonepar Sweden have been completed ahead of schedule.
Rexel agreed to acquire Hagemeyer in March. The businesses sold to Sonepar comprise Hagemeyer’s non-ACE operations in North America, Asia-Pacific, Austria, Sweden and Switzerland, as well as six branches in Germany. In addition, Rexel has sold its German business to Sonepar and has acquired Sonepar’s activities in Sweden.
Rexel confirms that the acquisition of Hagemeyer’s retained activities will start generating synergies in 2008 and progressively reach its stated objective of 50 million euros per year as of 2011.