By Mauro Orru

 

Schneider Electric SE plans to file an offer to buy out software company IGE + XAO SA for 338 million euros ($398.8 million).

The French energy-management company said Tuesday that it would launch the offer through its subsidiary Schneider Electric Industries SAS, which owns about 67.7% of IGE + XAO and 78.3% of voting rights.

The offer will be for approximately 31.9% of IGE + XAO at EUR260 a share, representing a 15% premium over the latest closing price of the company.

IGE + XAO will subsequently be delisted and will join the energy management software division at Schneider Electric, which expects to file the offer in September.

 

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

July 20, 2021 02:55 ET (06:55 GMT)

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