Alstom and Schneider Electric have finalised on the joint acquisition of Areva’s transmission and distribution businesses, together worth €2.29bn ($2.73bn).

Alstom will acquire about two thirds of the transmission business while Schneider will transfer the distribution business to Schneider Electric. The agreement also defines the ways in which they will be managed.

The acquiring companies plan to develop cooperation between the transmission and distribution businesses through commercial and licence agreements. The partners will also sign R&D agreements to develop innovative technologies for use by both new businesses.

Alstom and Schneider Electric signed the consortium agreement to carry out the acquisition in November 2009.