Schneider Electric to sell Juno Lighting to Acuity Brands
Juno is a North American supplier, specialized in recessed and track lighting fixtures, in both residential and commercial sectors. The business generated revenues of $230m and an EBITDA of $32m in 2014.
The terms of the agreement reflect a cash purchase price totaling approximately $385m (approximately €350m), implying a multiple of c. 12.0x Juno’s EBITDA 2014.
The sale of Juno Lighting is consistent with the Group's strategy to optimize its portfolio and strengthen its focus on core businesses. The transaction would generate a capital loss/ impairment of up to $300m (c. €270m). Such loss/impairment would be excluded from the basis of calculation for Schneider Electric’s 2015 dividend.
The agreement is conditioned upon the satisfaction of certain regulatory conditions and on other customary closing conditions. The transaction is expected to close in the coming months. ■