Telvent Sale Imminent
Bid approved by board of directors
HOUSTON -- Telvent GIT, S.A. a real-time IT solutions and information provider, announced that Telvent and Schneider Electric have entered into an agreement under which Schneider Electric will launch an offer to acquire all Telvent shares at $40 per share. In connection with the transaction, Abengoa has irrevocably agreed to tender its 40% stake in Telvent to Schneider Electric in the offer. The transactions are subject to certain conditions, including approvals of European and U.S. competition authorities and other material conditions.
The total cost is estimated near $2 [image-nocss] billion.
In the convenience-store industry, Telvent is known for its oil and gas solutions, as well as real-time inventory and credit controls. IT is also the parent company of Telvent DTN, which provides solutions for businesses to make smarter buying and selling decisions, maximize return on investment in existing back-office systems, benchmark contracts and control customers.
Schneider Electric expects to launch its tender offer this month and to close the transaction in the third quarter. The transaction has been approved by the board of directors of Telvent, which formed a special committee to review the transaction on behalf of the public shareholders of Telvent.