Telvent Soars on Buyout Agreement
NEW YORK (TheStreet) -- Telvent (TLVT) shares were rising 15.2% Wednesday on news that France's Schneider Electric will acquire the software group.
Spain's Telvent was trading at $39.70 a share, up $5.25, after Schneider Electric agreed to acquire Telvent for $40, valuing the company at about €1.4 billion ($2.02 billion) on an enterprise value basis. Schneider Electric said the offer was a premium of 36% over the average closing price of Telvent over the last 90 days.
"With Schneider Electric, Telvent expects to expand its global footprint, especially in the fast growing new economies. We look forward to this next phase of the development of our company," said Ignacio Gonzalez Dominguez, Telvent CEO.
Schneider Electric said its move to buy Telvent gives it a stronger software presence.
Abengoa, a Spanish engineering company, agreed to sell its 40% stake in Telvent. --Written by Joe Deaux in New York.>To submit a news tip, send an email to: tips@thestreet.com
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