Schneider Electric SE agreed to sell agricultural-data business Telvent DTN to TBG AG of Switzerland for an enterprise value of $900 million and plans to use the proceeds for a share buyback program.
The business was put up for sale last year after a strategic review found it wasn’t essential to the company, Rueil-Malmaison, France-based Schneider said in a statement Monday. The transaction is expected to close in the second quarter this year. TBG is the investment vehicle of the Thyssen-Bornemisza family, descendants of the founder of German steel-maker Thyssen, now part of Thyssenkrupp AG.
