Alstom and Schneider Electric are to jointly acquire Areva’s transmission and distribution (T&D) business for €4.09bn ($5.76bn).

Areva is selling its T&D business in line with its development plan and the firm has asked buyers to maintain its European sites for three years.

Negotiations for the agreement began in November 2009.

The conclusion of the transaction is subject to the approval of competition authorities and the French Commission des Participations et des Transferts (CPT), due in spring 2010.