Fuels

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.

Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Foodservice

Looking Up: Limited-Time Offers on the Rise

These deals continue to grow in all mealparts, Technomic reports show

Company News

Knowing Growing: QuikTrip Flexes in 2023

C-store chain celebrates 1,000th opening, opens 13th medical clinic, more

Foodservice

Get Creative in Foodservice to Thrive in 2024, Technomic Says

Report: Operators must lean into tech, menu and service innovation, take advantage of existing ingredients and resources

Trending

More from our partners