Schneider Electric (www.schneider-electric.com), through its main Australian subsidiary, Schneider Electric Australia, has made an unsolicited offer to acquire Sydney, Australia-based Citect (www.citect.com), for a proposed $80 million for all the issued ordinary shares in Citect.
The two companies have entered into a Merger Implementation Agreement that is subject to a number of conditions, including shareholder approval.
David Mortimer, chairman of Citect, commented, “Citect’s ability to serve its customers thoroughly and globally will be considerably enhanced with this new development. The Citect board believes that the strategic fit with Schneider Electric will enable Citect’s customers, employees and partners to participate in a promising future.”
Schneider Electric, headquartered near Paris, is a global supplier of electrical distribution, industrial automation and control products. Citect is a global provider of solutions for supervisory, control and data acquisition SCADA) and Manufacturing Execution Systems (MES). The companies have a previous strategic relationship, which has resulted in the launch of a number of hardware and software solutions, and share some distributors.
