Telvent Soars on Buyout Agreement
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: email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV