Electrical distributors Rexel and Hagemeyer have reached an agreement on Rexel’s all-cash offer of & euro; 4.85 for Hagemeyer’s assets, valuing the company at & euro; 3.1 billion (US$4.5 billion).

The offer was approved by the boards of Rexel, Sonepar and Hagemeyer. Rexel has secured committed debt financing for the all-cash offer.

As previously announced, Rexel has agreed to sell Hagemeyer’s North American, Asian-Pacific and selected European businesses to Sonepar after completion of the sale.

The overall transaction will combine the strengths of three major players in the distribution of electrical supplies. The transaction will broaden Rexel’s footprint across Europe, while significantly consolidating Sonepar’s position in North America and …