June 28, 2017 / 6:14 AM / 2 years ago

French industrial group Legrand to buy U.S. company Milestone

The logo of Legrand compagny in Bagnolet, France, August 5, 2016. REUTERS/Jacky Naegelen

PARIS (Reuters) - French industrial group Legrand (LEGD.PA) has agreed to buy U.S. infrastructure company Milestone AV Technologies in a transaction worth $950 million (£741 million) based on enterprise value, Legrand said on Wednesday.

Legrand said the takeover of Milestone, which had 2016 sales of $464 million, would lead to cost savings and would be financed by new debt.

The Milestone takeover follows a similar acquisition earlier this month by Legrand of U.S. company Server Technology, with Legrand having stated in May that it would seek takeover opportunities over the course of this year.

Reporting by Sudip Kar-Gupta; Editing by Muralikumar Anantharaman

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