Deals
Schneider Bids for Telvent in Purchase Valued at $2 Billion
This article is for subscribers only.
Schneider Electric SA, the world’s biggest maker of low- and medium-voltage equipment, agreed to buy Spain’s Telvent GIT SA for about 1.4 billion euros ($2 billion) to double its software development capacity.
Shareholders of Madrid-based Telvent will receive $40 a share under the terms of the offer, the French company, based near Paris, said in a statement today. The offer is 16 percent higher than Telvent’s closing price yesterday on the Nasdaq exchange. Abengoa SA has agreed to tender its 40 percent stake.