April 3, 2017 / 6:59 AM / in 4 months

Schneider Electric to sell DTN to Swiss group TBG in $900 million deal

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FILE PHOTO: Jean-Pascal Tricoire, Chairman and CEO of Schneider Electric attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland January 19, 2017.Ruben Sprich

PARIS (Reuters) - French electrical components maker Schneider Electric (SCHN.PA) has agreed to sell agricultural information company Telvent DTN to private Swiss group TBG AG in a deal worth around $900 million (718.05 million pounds) based on enterprise value, Schneider said on Monday.

Schneider Electric said it expected to close the transaction in the second quarter of this year, and would use the proceeds from the sale to finance a share buyback program worth around 1 billion euros ($1.07 billion) over a two-year period.

Telvent DTN last reported revenues of $213 million, but Schneider had decided that it was no longer a core part of its company following a strategic review of its businesses.

Reporting by Sudip Kar-Gupta; Editing by Adrian Croft

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