Schneider Electric to sell Juno Lighting to Acuity BrandsStaff writer ▼ | October 31, 2015
Schneider Electric reached an agreement to sell Juno Lighting Acuity Brands. Juno is currently consolidated under the Buildings and Partner business of Schneider Electric.
Divesting Juno is a supplier of track lighting fixtures
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. ■