FDC advised Schneider Electric on its takeover bid for the IGE+XAO Group

Deal Memo Schneider IGE XAO

Financière de Courcelles advised Schneider Electric on its takeover bid for the IGE+XAO group. IGE+XAO is a software publisher designing, producing, selling and supporting a range of Computer Aided Design (CAD), Product Lifecycle Management (PLM) and Simulation software dedicated to Electrical Engineering.

Following the signing of a memorandum of understanding on November 7th, 2017, Schneider Electric filed a voluntary public tender offer for the shares of IGE+XAO, at the price of 132 Euros per share, representing an equity value of c. 170 million Euros and a premium of 41,5%1. After the reopened tender offer, Schneider Electric owns 70,69% of the share capital of the company.

The transaction will strengthen the digital support for customers and partners of the two groups and, in addition to the commercial opportunities already offered to IGE+XAO, will accelerate the development of IGE+XAO. While maintaining its operational autonomy within Schneider Electric, the company will benefit from the support of the leader in digital transformation of energy management and automation systems. The transaction will also enhance IGE+XAO’s research and development activities which will benefit from Schneider Electric’s knowhow and its presence in more than 100 countries.

Well-known for its strong culture in the advisory of SMEs/Mid-Cap companies and managers-shareholders, Financière de Courcelles also shows through this transaction its know-how and expertise in the advisory of public operations, in this case with a group listed on the CAC40.

1compared to the volume weighted average share price over 12 months before the announcement

About…

Schneider Electric

Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. The group provides integrated efficiency solutions, combining energy, automation and software, and had revenues of 24.7 million Euros in 2017.

IGE+XAO

Founded in 1986, the IGE+XAO Group has been a software publisher designing, producing, selling and supporting a range of Computer Aided Design (CAD), Product Lifecycle Management (PLM) and Simulation software dedicated to Electrical Engineering. These software products have been designed to help manufacturers in the design and maintenance of the electrical part of any type of installation. With more than 80,000 licenses distributed around the world, IGE+XAO is a reference in its field. The company had consolidated revenues of 29.4 million Euros for the financial year 2016/2017 and operational margin of 27%.

 

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