Schneider Electric Acquires Telvent India

Telvent GIT, a leading real-time IT solutions and information provider for a sustainable world, announced today that Telvent and Schneider Electric have entered into an agreement under which Schneider Electric will launch an offer to acquire all Telvent shares at U.S. $40.00 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.

Schneider Electric expects to launch its tender offer by mid-June 2011 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.

Ignacio González Domínguez, Telvent's Chairman and CEO, said: "We see strong complementarities of Telvent's solution offering and that of Schneider Electric, as well as a good cultural fit of people and spirit. We believe that our customers will benefit highly from this combination. 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."