Shareholders of Glenview-based Anixter International approved a US$4.5 billion acquisition by Wesco International on Thursday, April 9, moving the merger another step toward completion.
More than 99% of the votes cast were in favor of the deal. The vote took place at a special Anixter’s shareholder meeting, which was held virtually due to the new coronavirus.
Anixter accepted Wesco’s offer in January, paving the way for a deal that could create an electrical and data communications distribution company with US$17 billion in annual revenue. The two companies are competitors.
Anixter employs about 9,300 people, including 950 in two buildings in Glenview, said Ted Dosch, the firm’s executive vice president and chief financial officer.
It is unknown what the deal will mean for Anixter’s executives and its facilities in Glenview. Wesco said it expects to realize US$200 million in cost savings over three years by consolidating operations and streamlining its branch footprint.
Full Content: Chicago Tribune
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