KKR, Wendel Offer to Buy Legrand

Kohlberg Kravis Roberts & Co. and a partner offered to buy Legrand, the world’s biggest maker of power switches, for $3.6 billion in cash, a third less than what Schneider Electric paid last year.

Kohlberg Kravis, a leveraged buyout firm, and Wendel Investissement, a French holding company, entered into “exclusive” talks with Schneider, the companies said.

European Union competition regulators had blocked Schneider’s purchase and ordered the company to sell. Schneider is appealing the decision and success for Kohlberg Kravis and Wendel hinges on the court ruling expected later this year.