WESCO reaches agreement to acquire manufacturer in deal valued at $4.5B

WESCO reaches agreement to acquire manufacturer in deal valued at $4.5B
WESCO President and CEO John Engel called the deal "transformational." (JOSHUA FRANZOS/JOSHUA FRANZOS/Pittsburgh Business Times)

PITTSBURGH — After a bidding war with Clayton, Dubilier & Rice that started on Christmas Eve, Pittsburgh-based WESCO International Inc. (NYSE: WCC) has agreed on a deal to acquire Glenview, Illinois-based Anixter International (NYSE: AXE), according to a news release.

WESCO's final bid of $100 per share in cash and stock proved superior to CD&R's final bid of $93.50 per share, and prompted Anixter to cancel the merger agreement it set with CD&R in October 2019.

The transaction is valued at $4.5 billion, and could make WESCO Pittsburgh’s third largest public company based on revenue.

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