9 January 2004 - French energy group Areva today signed the closing agreement for the final acquisition of Alstom's Transmission and Distribution activities having obtained regulatory approvals from the European Commission and other anti-trust authorities for the transaction. The adjusted acquisition price will be around €920m ($1.18bn).This adjustment should be finalized in May 2004, following an audit to be carried out by Areva with the right to reply. The entire transaction will be financed using the Group's equity. In a statement Areva said that the integration of T&D would strengthen its strategic position in the energy sector and expand its range of services. T&D supplies products, systems and services for the high and medium-voltage electricity markets. These products are used to transmit and distribute electricity from the generator to the end user. They also ensure the reliability, quality, and safety of energy flows and operates efficient networks through information management. As a result of the acquisition, Areva has established a fourth energy division covering transmission and distribution.
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