By Cecilia Butini
Schneider Electric SE said Wednesday that it has entered into an agreement to acquire a 30% stake in U.S.-based energy solutions provider Uplight Inc.
The transaction values Uplight at about $1.5 billion, or about 10 times the expected 2021 revenue, the French energy-management company said. Through the acquisition of the minority stake, the company said it will have the opportunity to participate in the digitization of utilities across the world.
Schneider Electric is investing in Uplight alongside AES Corp. and a group of financial investors, it said.
The transaction is expected to close in the coming months pending regulatory approvals and French social procedures, the company said.
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