Legrand, one of the leading electric equipment developers in France, has proposed an acquisition deal worth Rs. 600 crore to Fusegear Ltd., the switchgear operator.
After the negotiations, Legrand will be paying nearly Rs. 495 crore to Fusegear for the acquisition, in addition to Rs. 35 crore to be paid to the non-compete, Indo Asian.
The non-compete Indo Asian deal will find its validity for 5 years.
In another development, Legrand has proclaimed its plans of purchasing nearly all the brands associated with Indo Asian Marketing.
Fusegear Chairman & Managing Director V P Mahendru said that the Board of Directors has given a green signal to the deal for the purchase of all the units of switchgear in Indo Asian Fusegear.
He assured that the Fusegear will keep on operating in the similar way even after the acquisition in the fields of lighting, wires and cables.
"The board will be recommending a special dividend to the shareholders out of the proceeds of the sale of the switchgear business", Mahendru added.
The investment banker for the deal is Ambit Corporate Finance, while its legal advisors are J Sagar & Associates to Indo Asian.
Meanwhile, Amarchand Mangaldas has agreed to monitor the deal in the role of legal advisors to Legrand.
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