Schneider Electric Obtains EU Antitrust Approval For Invensys’ Acquisition


News: France-based electrical equipment firm Schneider Electric has obtained EU antitrust approval for its acquisition worth GBP3.4bn (US$5.6bn) of UK-based engineering group Invensys. The move has paved the way for a deal and Schneider expects that it will increase its industrial automation and software business to the level of companies such as Siemens, Mitsubishi Electric and Rockwell Automation. The deal is likely to raise revenue savings of EUR400mn (US$543.58mn) annually by 2018 as a result of enlarged offerings and complementary customer bases, along with an additional scale from the integration of Invensys with Schneider Electric.

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Geography: France