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Schneider Electric to sell DTN to Swiss group TBG in $900 million deal
April 3, 2017 / 6:59 AM / 8 months ago

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

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.

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. REUTERS/Ruben Sprich

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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