VANCOUVER -- Xantrex Technology Inc. says it has struck a deal to be purchased by Schneider Electric for $15 per share or about $500 million.
Xantrex released a statement early Monday saying the company's programmable power business will not be included in the sale to the French electrical engineering firm but will instead be bought by Ametek Inc. for $120 million.
The announcement comes less than a week after the Vancouver-based company, which makes electrical current-control technology, said it had entered into exclusive negotiations to sell the company.
Xantrex had announced it wanted to sell last year after determining a sale would be the best way of maximizing shareholder value.
Xantrex's board has unanimously approved the deal with Schneider, which is still subject to regulatory and shareholder approval.
Xantrex says the deal will likely close before the end of October.