PITTSBURGH, May 4, 2020 /PRNewswire/ -- WESCO International,
Inc. (NYSE: WCC), a leading provider of electrical, industrial, and
communications MRO and OEM products, construction materials, and
advanced supply chain management and logistics services, today
announced it received approval from Mexico on April 30,
2020 for its planned merger with Anixter International.
Notification of the Merger was filed in Mexico on February 10,
2020. Receipt of this approval satisfies one of the
conditions to the closing of the proposed transaction, which
remains subject to regulatory clearance from Canada. The parties have also filed
notifications seeking approval under the antitrust laws of
Chile, but the receipt of approval
in Chile is not a condition to the
closing of the merger. Approval or clearance has previously
been received under the antitrust laws of the United States, Russia and Turkey. The parties expect to
complete the merger in the second or third calendar quarter of
2020.
About WESCO
WESCO International, Inc. (NYSE: WCC), a publicly traded
FORTUNE 500® holding company headquartered in
Pittsburgh,
Pennsylvania, is a leading provider of electrical,
industrial, and communications maintenance, repair and operating
(MRO) and original equipment manufacturer (OEM) products,
construction materials, and advanced supply chain management and
logistic services. 2019 annual sales were approximately
$8.4 billion. The company
employs approximately 9,500 people, maintains relationships with
approximately 30,000 suppliers, and serves approximately 70,000
active customers worldwide. Customers include commercial and
industrial businesses, contractors, government agencies,
institutions, telecommunications providers, and utilities. WESCO
operates 11 fully automated distribution centers and approximately
500 branches in North
America and international markets, providing a
local presence for customers and a global network to serve
multi-location businesses and multi-national corporations.
About Anixter
Anixter International is a leading global distributor of Network
& Security Solutions, Electrical & Electronic Solutions and
Utility Power Solutions. The company helps build, connect, protect,
and power valuable assets and critical infrastructures. From
enterprise networks to industrial MRO supply to video surveillance
applications to electric power distribution, Anixter offers
full-line solutions, and intelligence, that create reliable,
resilient systems that sustain businesses and communities. Through
Anixter's unmatched global distribution network along with its
supply chain and technical expertise, the company helps lower the
cost, risk and complexity of its customers' supply chains.
Anixter adds value to the distribution process by providing
over 100,000 customers access to 1) innovative supply chain
solutions, 2) nearly 600,000 products and over $1.0 billion in inventory, 3) 309
warehouses/branch locations with over 9.0 million square feet of
space and 4) locations in over 300 cities in approximately 50
countries. Founded in 1957 and headquartered near
Chicago, Anixter trades
on the New York Stock Exchange under the symbol AXE.
Additional information about Anixter is available
at www.anixter.com.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or
the solicitation of an offer to buy any securities or a
solicitation of any vote or approval, nor shall there be any sale
of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended. In connection with the proposed transaction, on each of
March 4, 2020 and March 9, 2020, WESCO filed with the SEC an
amendment to the registration statement originally filed on
February 7, 2020, which includes a
prospectus of WESCO International Inc. ("WESCO") and a proxy
statement of Anixter International Inc. ("Anixter"), and each party
will file other documents regarding the proposed transaction with
the SEC. The registration statement was declared effective by the
SEC on March 11, 2020 and the proxy
statement/prospectus has been mailed to Anixter's stockholders.
INVESTORS AND SECURITY HOLDERS OF WESCO AND ANIXTER ARE URGED TO
READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT WESCO, ANIXTER AND THE PROPOSED
TRANSACTION. Investors and security holders will be able to obtain
free copies of the registration statement, proxy
statement/prospectus and other documents filed with the SEC by
WESCO or Anixter through the website maintained by the SEC at
http://www.sec.gov. Copies of the documents filed with the SEC by
WESCO will be available free of charge on WESCO's website at
http://wesco.investorroom.com/sec-filings and copies of the
documents filed with the SEC by Anixter will be available free of
charge on Anixter's website at
http://investors.anixter.com/financials/sec-filings.
Forward-Looking Statements
All statements made herein that are not historical facts
should be considered as forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements involve known and unknown risks, uncertainties and
other factors that may cause actual results to differ materially.
These statements include, but are not limited to, statements
regarding the expected completion and timing of the proposed
transaction between WESCO and Anixter, expected benefits and costs
of the proposed transaction, and management plans relating to the
proposed transaction, statements that address WESCO's expected
future business and financial performance, statements regarding the
impact of natural disasters, health epidemics and other outbreaks,
especially the outbreak of COVID-19 since December 2019, which may have a material adverse
effect on WESCO's business, results of operations, and financial
condition, and other statements identified by words such as
anticipate, plan, believe, estimate, intend, expect, project, will
and similar words, phrases or expressions. These forward-looking
statements are based on current expectations and beliefs of WESCO's
management as well as assumptions made by, and information
currently available to, WESCO's management, current market trends
and market conditions and involve risks and uncertainties, many of
which are outside of WESCO's and WESCO's management's control, and
which may cause actual results to differ materially from those
contained in forward-looking statements. Accordingly, you should
not place undue reliance on such statements. Certain of these risks
are set forth in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2019,
as well as the Company's other reports filed with the U.S.
Securities and Exchange Commission (the "SEC").
These risks, uncertainties and assumptions also include the
timing, receipt and terms and conditions of any required
governmental and regulatory approvals of the proposed transaction
between WESCO and Anixter that could reduce anticipated benefits or
cause the parties to abandon the proposed transaction, the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement, the risk that
the parties may not be able to satisfy the conditions to the
proposed transaction in a timely manner or at all, risks related to
disruption of management time from ongoing business operations due
to the proposed transaction, the risk that any announcements
relating to the proposed transaction could have adverse effects on
the market price of WESCO's common stock, the risk of any
unexpected costs or expenses resulting from the proposed
transaction, the risk of any litigation relating to the proposed
transaction, the risk that the proposed transaction and its
announcement could have an adverse effect on the ability of WESCO
or Anixter to retain customers and retain and hire key personnel
and maintain relationships with their suppliers, customers and
other business relationships and on their operating results and
businesses generally, the risk that the pending proposed
transaction could distract management of both entities and they
will incur substantial costs, the risk that problems may arise in
successfully integrating the businesses of the companies, which may
result in the combined company not operating as effectively and
efficiently as expected, the risk that the combined company may be
unable to achieve synergies or other anticipated benefits of the
proposed transaction or it may take longer than expected to achieve
those synergies or benefits and other important factors that could
cause actual results to differ materially from those projected. All
such factors are difficult to predict and are beyond WESCO's
control.
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SOURCE WESCO International, Inc.