Schneider Electric to Acquire Telvent

31 May 2011 (Last Updated May 31st, 2011 18:30)

Spain's Abengoa has agreed to sell its 40% stake in IT software and solutions provider Telvent to Schneider Electric, following an agreement between the companies. Under the agreement, Schneider Electric will launch an offer this month to acquire all Telvent shares at €27.73 per shar

Spain's Abengoa has agreed to sell its 40% stake in IT software and solutions provider Telvent to Schneider Electric, following an agreement between the companies.

Under the agreement, Schneider Electric will launch an offer this month to acquire all Telvent shares at €27.73 per share, totalling €1.4bn.

Abengoa will receive €421m, including a €51m repayment of a credit line to Telvent, and will reduce its net debt by rate €774m.

Schneider Electric expects to close the transaction in the third quarter, subject to approvals from European and US competition authorities and other conditions.