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Vancouver, B.C.-based Xantrex Technology Inc. has entered into a definitive agreement to be acquired by Schneider Electric for a cash purchase price of C$15 per share. The transaction has an equity value of approximately C$500 million.

Xantrex also announced that it has entered into a definitive agreement for the sale of its programmable power business to AMETEK Inc.

"The acquisition of Xantrex will give us a unique opportunity to capture growth in the dynamic renewable energy market," says Jean-Pascal Tricoire, chairman of the management board and CEO of Schneider Electric. "The addition of Xantrex will accelerate our development as a total solutions provider and extend our position as the global specialist in energy management."

Xantrex expects to hold a special meeting of shareholders in September, at which the transaction with Schneider Electric will be subject to approval by 66.7% of the Xantrex shares voted. The transaction is expected to close before the end of October.

SOURCE: Xantrex Technology Inc.



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