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June 9, 2014
08:44 EDTAXEAnixter downgraded at RW Baird
As previously reported, Baird downgraded Anixter to Neutral from Buy. The firm downgraded shares based on valuation. Price target remains $108.
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September 17, 2014
16:16 EDTAXEAnixter closesTri-Ed acquisition, sees as accretive in first year of operation
Anixter International announced that it has completed the acquisition of Tri-Ed for a total purchase price of $420M, subject to working capital, escrow and other customary adjustments. Tri-Ed generated approximately $570M in sales and $36M in adjusted EBITDA over the trailing twelve months ending June 30. The acquisition is expected to be accretive to earnings in the first full year of operation, exclusive of transaction and one-time integration expenses. Anixter funded the acquisition through a combination of a previously announced $200M term loan and available liquidity. A more detailed discussion of the financial impact will occur on Anixter’s upcoming third quarter 2014 earnings call on Tuesday, October 28.
September 10, 2014
07:49 EDTAXELongbow to hold a conference
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