Electrical engineering and power-management company Schneider Electric SA (SU.FR) Friday said it acquired M&C Energy Group, a company specialized in energy procurement and sustainability services, for an undisclosed amount.
- M&C is based in the U.K. and provides its customers with energy procurement, compliance and performance optimization services mostly on recurring subscription basis.
- The company has more than 500 employees including 300 energy specialists and an international presence with 21 offices across 15 countries, particularly in Europe and Asia-Pacific.
- M&C expects to generate total sales of approximately GBP35 million for the current year ending June 2012 with an EBITA margin above the Schneider Electric average.
- Schneider Electric didn't disclose any financial details on the operation.
- The completion of the transaction is subject to regulatory approvals and customary closing conditions. The closing is expected to occur in the second quarter 2012.
- This acquisition is expected to be accretive on earnings per share from year 1 and to meet Schneider Electric's Return on Capital Employed criteria in year 3.
- By Paris Bureau, Dow Jones Newswires; +331-4017-1740; firstname.lastname@example.org