Clayton, Dubilier & Rice Inc. (CD&R), a global private equity firm, in partnership with Eurazeo, a French investment firm, and Merrill Lynch Global Private Equity, has successfully completed the acquisition of approximately 98.5 percent of Rexel SA, the world's largest electrical distributor. The firms purchased Rexel for approximately $3.7 billion. The acquisition represents the third largest private equity buyout in Europe to date.

As part of the transaction, Pinault Printemps Redoute (PPR), the previous owner of Rexel, sold its 73.5 percent equity interest in Rexel SA to the investor group, following which an additional 25 percent was acquired from minority shareholders through a tender offer that expired March 11. The investment group now owns approximately 98.5 percent of Rexel and expects to acquire the remaining shares over the next month and delist the company.