Advertisement

News Wire

Wesco to Acquire TVC

PITTSBURGH — WESCO International, Inc. (NYSE: WCC), a leading provider of electrical and industrial MRO products, construction materials, and advanced integrated supply procurement outsourcing services, today announced that WESCO Distribution, Inc. has entered into a definitive agreement to acquire TVC Communications, L.L.C. (TVC) from Palisades Associates, a Bethesda, Maryland-based private equity firm. The transaction is subject to certain customary closing conditions, including regulatory approvals required under the Hart-Scott-Rodino Act.

TVC, headquartered in Annville, Pennsylvania, and founded in 1952, is a leading distributor of broadband communications network infrastructure products serving the cable, telecommunications and satellite industries. TVC has annualized sales as of October 31, 2010, of approximately $300 million, employs over 300 employees, and operates 20 locations serving markets in the United States, Canada, Latin America and Europe.

Mr. John J. Engel, WESCO's President and Chief Executive Officer, stated, “I am very pleased to announce the acquisition of TVC Communications, a leading distributor of broadband infrastructure products and services. Our strategy of providing industry leading supply chain solutions to our global customers is being executed as we continue to expand our business through above-market organic growth and accretive acquisitions. TVC strengthens WESCO's data communications platform by providing a more comprehensive suite of products and services to existing and new customers, while expanding our geographic footprint into previously untapped international growth markets. The purchase price for TVC is expected to be approximately $246.5 million, subject to certain closing adjustments. The acquisition will be financed utilizing WESCO's existing cash and credit facilities. We expect this acquisition to be immediately accretive, and we currently estimate an improvement to WESCO's 2011 diluted earnings per share of approximately $0.30 or more. Closing of the transaction is expected to occur prior to year-end.”

{complink 12845|Wesco International Inc.}

{complink 5797|TVC Communications Inc.}

0 comments on “Wesco to Acquire TVC

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.