Technology solutions company Abengoa is selling 40% of its stake in IT company Telvent. The shares are being acquired by French electronics company Schneider Electric.

The securities have been priced at $40 per share. Abengoa will receive $605.71 million in net cash from the deal, including a $73.37 million refund of a credit line to Telvent. The acquisition will also help cut $1.11 billion of Abengoa’s net debt, adds PR Newswire.

Click here for the release from Schneider Electric.

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