Products displayed at the Schneider Electric SE booth at the International Photovoltaic Power Generation and Smart Energy Expo in Shanghai, China, on Thursday, June 13, 2024.
The chief executive of French power-equipment maker Schneider Electric said on Thursday that the firm's $850 million deal to take a controlling stake in U.S.-based liquid cooling company Motivair will help to bolster its offering to fast-growing and energy-intensive data centers.
"We've always said we are going to be agile in respect to acquisitions and targets out there that fit exactly into the strategy of Schneider Electric," Schneider Electric CEO Peter Herweck told CNBC's "Squawk Box Europe" on Thursday.
Herweck said the all-cash deal to acquire an initial 75% controlling interest in the equity of Motivair, which was announced on Thursday, was "rich, but not overly expensive" and "fits great" with the firm's strategy.
The acquisition takes place as a global rush for the next wave of generative AI coincides with increasing public scrutiny on environmental concerns, with technology giants recently pivoting to nuclear in an attempt to power its AI ambitions.
Persons:
We've, Peter Herweck, CNBC's, Herweck, — Sam Meredith
Organizations:
Schneider, International, Power, Smart Energy
Locations:
Shanghai, China, U.S