French electrical engineering group Schneider Electric, a global specialist in energy management, is buying Vancouver's Xantrex Technology for C$415 million in a deal that gives it "a unique opportunity to capture growth in the dynamic renewable energy market," says Schneider CEO Jean-Pascal Tricoire. Xantrex, says Schneider, is among the top three players in the global solar and wind inverter market and has strong growth potential. The cash deal, with a purchase price of C$15 per share, represents a 55% premium over the average closing price of Xantrex stock for the 30 days before the negotiations were made public. Xantrex has 800 employees in Canada, the US, Europe and Asia. It decided last year to explore its options after determining the company was undervalued in the stock market and needed to grow.
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