WESCO, Anixter merger approved in Mexico
Regulators in Mexico have approved the planned merger between WESCO International, Inc. (NYSE: WCC) – provider of electrical, industrial, and communications MRO and OEM products – and Anixter International (NYSE: AXE).
Mexico’s approval, received on April 30, 2020, follows earlier approval under the antitrust laws of the United States, Russia and Turkey, while approval from regulators in Canada and Chile is still pending.
However, the receipt of approval in Chile is not a condition to the closing of the merger. The parties expect to complete the merger in the second or third calendar quarter of 2020.
Merging the two companies would combine Anixter’s network and security and electrical solutions with WESCO’s electrical, industrial, and communications MRO and OEM products.
WESCO reported its 2019 annual sales were approximately $8.4 billion. The company employs approximately 9,500 people, maintains relationships with approximately 30,000 suppliers and serves approximately 70,000 active customers worldwide including commercial and industrial businesses, contractors, government agencies, institutions, telecommunications providers, and utilities.
A joint statement read: “The transaction is not subject to a financing condition. WESCO has obtained fully committed debt financing from Barclays for the cash portion of the transaction. WESCO intends to fund the required cash consideration with a combination of long‐term debt financing and additional equity or equity‐content securities.”