Pittsburgh-based Anixter International Inc. (NYSE:AXE) moved skyward Friday, on word that WESCO International had raised its offer to buy the company from $90 to $93.50 per share in cash and stock.
The combined company would have significantly enhanced scale, with pro forma 2019E revenues of approximately $17 billion. WESCO would also have increased international exposure, with approximately 9% of revenues generated outside of the U.S.
The increased scale would enable the combined company to invest in digital transformation and innovation on a faster timetable, and provide a platform for growth in attractive emerging markets.
Moreover, the combined company would have a comprehensive and balanced portfolio that brings together WESCO's capabilities in industrial, construction, utility and commercial, institutional, and government with Anixter's expertise in data communications, security, and wire and cable.
Combining the companies' complementary products, services, and solutions is expected to create significant cross-selling and up-selling opportunities, strengthening the combined company's customer value proposition.
Said Wesco CEO John Engel, "The combined company would have significantly enhanced scale, with pro forma 2019E revenues of approximately $17 billion.
"WESCO would also have increased international exposure, with approximately 9% of revenues generated outside of the U.S. The increased scale would enable the combined company to invest in digital transformation and innovation on a faster timetable, and provide a platform for growth in attractive emerging markets."
Shares in AXE climbed $1.68, or 1.9%, Friday to $92.01
