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French conglomerate Areva today completed the sale of its transmission and distribution unit to the consortium of Alstom and Schneider Electric. The price paid for Areva T&D shares was U.S. $2.75 billion. Alstom will take over the transmission business (about two thirds of the total) and Schneider Electric will get the distribution business. The agreement also establishes how the T&D businesses are to be managed. In addition, the two companies will develop a cooperative relationship between the transmission and distribution businesses through commercial and license agreements, and additional agreements are expected for cooperative research and development in innovative technologies.
Quick Take: Areva's T&D sale got the green light from its supervisory board in June 2009 and was approved by antitrust authorities and the French privatization commission, so the completion of the sale isn't earthshaking news. But it does remind us that the acquisition fever fueled by Smart Grid initiatives is a global phenomenon.
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