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WESCO International Inc., Pittsburgh, sold its legacy WESCO Utility business in Canada to Rexel Canada, a wholly owned subsidiary of France’s Rexel Group.
According to the press release, the transaction partially fulfills WESCO’s commitment to divest its legacy Canadian Utility and Datacom businesses in connection with its Consent Agreement with the Canadian Competition Bureau related to WESCO’s merger with Anixter International, which closed on June 22, 2020. Net proceeds will be used to repay indebtedness.
John Engel, Chairman, president, and CEO, said in the press release, "This transaction is a highly successful outcome for WESCO. We will support our associates as they transition to Rexel, and we wish them continued success. WESCO is committed to continuing to serve utility customers in Canada, through the legacy business we acquired with Anixter. I look forward to providing further details about this divestiture, as well as the continued integration of WESCO and Anixter, during our fourth quarter earnings call next week."
WESCO’s Pro forma 2019 annual sales were over $17 billion, including Anixter International which it acquired in June, 2020. The company employs over 18,000 people and serves more than 150,000 customers worldwide. It operates nearly 800 branch and warehouse locations in over 50 countries.