WESCO International, Inc. (NYSE: WCC) has announced that it has reached a Consent Agreement with the Competition Bureau of Canada (“Bureau”) regarding its merger with Anixter International, the company said.
As previously announced, the closing of the merger transaction with Anixter occurred on June 22, 2020 after the expiry of the applicable waiting period under Canadian competition law. WESCO has been working cooperatively with the Bureau to resolve outstanding matters, and the Consent Agreement involves a commitment to divest the legacy WESCO Utility and Datacom businesses in Canada, which had total sales of approximately USD 150 million in 2019.
The process to divest the businesses will commence immediately and will be completed as expeditiously as possible. The net proceeds realized from the divestiture of the businesses will be used to repay indebtedness.
WESCO, a publicly traded FORTUNE 500® company headquartered in Pittsburgh, Pennsylvania, is a provider of business-to-business distribution, logistics services and supply chain management solutions.