French nuclear and electric power group Areva has signed a €4.09bn (£3.56bn) deal with Alstom and Schneider Electric for the sale of its transmission and distribution business.
The decision to sell the division was made at the end of June last year after the group’s supervisory board undertook a review of the company’s development plan.
As well as acquiring the division, the deal also includes a commitment from Alstom and Schneider Electric to maintain all European sites for a three-year period.
In addition, the companies have agreed that all staff will be offered a similar position in the same geographical area unless the economic situation relating to the business deteriorates significantly.
Completion of the transfer will take place subject to approval from the antitrust authorities.