Schneider Electric Industries SAS signed a merger agreement to acquire remaining 16.07% stake in IGE+XAO SA (ENXTPA:IGE) for €50.7 million on February 16, 2022. The proposed merger ratio works out at 5 Schneider Electric shares for 3 IGE+XAO shares. In the context of the merger, Schneider Electric will request a decision from the Financial Markets Authority, the Autorité des marchés financiers, stating that no buy-out offer for the IGE+XAO shares will be required.

In addition, the merger will be subject to the approval of the shareholders of IGE+XAO and Schneider Electric S.E. at the annual general meetings to be held on respectively 4 May 2022 and 5 May 2022. The boards of directors of Schneider Electric S.E. and IGE+XAO approved the terms of the merger. As of May 4, 2022, the transaction has been approved by the shareholders of IGE+XAO SA.

IGE+XAO has requested the suspension of the listing of its shares on Euronext Paris. The merger will have a limited dilutive impact and will give rise to the issue of a number of new Schneider Electric shares representing approximately 0.060% of Schneider Electric's share capital.