Schneider Electric To Sell Juno Lighting To Acuity Brands For $385 Mln In Cash

(RTTNews) - Schneider Electric S.A. (SBGSF.PK) said it has reached an agreement to sell Juno Lighting, LLC to Acuity Brands, Inc. (AYI), a provider of innovative lighting solutions, for a cash purchase price totaling $385 million.

Juno is a North American supplier, specialized in recessed and track lighting fixtures, in residential and commercial sectors. The business generated revenues of $230 million and an EBITDA of $32 million in 2014.

Juno is currently consolidated under the Buildings and Partner business of Schneider Electric. The transaction is expected to close in the coming months.

The price implies a multiple of about 12 times Juno's EBITDA in 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 will generate a capital loss/ impairment of up to $300 million, which will be excluded from the basis of calculation for Schneider Electric's 2015 dividend.