Sonepar, an independent family-owned company with global market leadership in B-to-B distribution of electrical products, agreed to acquire provider of electrical products and services, Rexel Spain and Rexel Portugal. Financial terms were not disclosed. In 2021, the combined entities generated revenues of €170m, were dilutive to group profitability, employed 560 people and had 60 branches. In those two countries, Rexel does not have critical mass, and sees better opportunities for capital allocation elsewhere.