Telvent GIT SA (TLVT) darts higher on French sale

Telvent GIT SA’s (Nasdaq: TLVT) U.S.-listed shares rose 15.2% to $39.70, after France’s Schneider Electric said it would acquire the Spanish software maker for $2 billion. Volume for the stock totaled 4.4 million shares, compared to an all-day average of 141,632.

Abengoa, the international company that develops innovative technology solutions for sustainable development in the energy and environment sectors, has reached an agreement to sell its 40% stake in Telvent to Schneider for $40.00 U.S. per share. The transaction is subject to approvals from the European and U.S. competition authorities. The sale will be made as part of a tender offer that Schneider Electric will be launching within 10 business days.

Manuel Sanchez Ortega, CEO of Abengoa, said, “I believe this is a highly satisfactory transaction for Abengoa. We are strengthening our balance sheet from the sale of assets at a very attractive valuation, so we can continue to develop innovative solutions for sustainable development, and creating value for our shareholders. For us, it is equally important that the offer has been made by a company like Schneider Electric, which is presenting a solid and attractive project for Telvent, which in turn creates a great professional opportunity for Telvent employees.”

Telvent is a leading real-time IT solutions and information service provider, which employs more than 6,000 professionals in 19 countries. It was organized as a subsidiary of Abengoa in 1969. At the time of its initial public offering in 2004, Telvent was the first Spanish company to undertake a primary listing of its ordinary shares on the NASDAQ stock market.

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This entry was posted on Wednesday, June 1st, 2011 at 12:17 pm by Glenn and is filed under Technology Stocks. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.