* To buy TVC Communications; deal to close this year
* Expects to improve 2011 EPS by at least $0.30
* To fund deal using existing cash, credit facilities
* Shares rise 7 pct to year-high
(Adds CFO, analyst comments, details and share movement)
By Soham Chatterjee
BANGALORE, Nov 17 Wesco International Inc
(WCC.N) said it will buy broadband technology firm TVC
Communications for about $246.5 million to expand primarily in
Latin America, sending its shares up as much as 7 percent.
"TVC has a solid presence in Latin America and this deal
will allow us to expand into Latin America with our enterprise
data communications products," Wesco CFO Richard Heyse told
TVC's proprietary products in the European market would
help Wesco's earnings. The deal would help Wesco breach the $1
billion mark revenue at its data communications business, which
accounts for about 16 percent of total revenue, Heyse said.
Wesco posted revenue of $4.62 billion in 2009.
Pittsburgh-based Wesco said the deal, its second-largest
to-date, will add at least 30 cents a share to its 2011
Wesco had revisited deals when it bought Potelcom Supply
Inc in June, more than two years after its last acquisition.
"Wesco indicated earlier this year that its "acquisition
engine is back on" and the TVC deal is evidence of this," UBS
Securities analyst Steven Fisher said in a note to clients.
TVC, which has more than 300 employees, is owned by private
equity firm Palisades Associates and has posted yearly sales of
about $300 million.
Wesco shares were trading up about 5 percent at $46.25 on
Wednesday afternoon on the New York Stock Exchange. The $2.06
billion stock had touched a year-high of $47.10 on Nov. 5.
(Reporting by Soham Chatterjee in Bangalore; Editing by Don