Alstom and Schneider complete Areva T&D acquisition

Power generation group Alstom and energy management company Schneider Electric are to proceed with the closing of their transaction with energy company Areva for the acquisition of Areva T&D, its transmission and distribution businesses, after obtaining the approvals of the relevant competition authorities and the French Commission des Participations et des Transferts (CPT).

The price paid for Areva T&D’s shares amounted to €2.3bn (£1.9bn), while net financial debt of Areva T&D was approximately €0.9bn as of 31 December 2009.

The consortium agreement sets out the transfer of the transmission business to Alstom and of the distribution business to Schneider Electric, as well as the ways under which they will be managed. 

The agreement allows both acquirers to immediately assume separate operational responsibility of each of these businesses, between which the companies will also develop co-operation via commercial and licence agreements.