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DTN/THE PROGRESSIVE FARMER ACQUIRED BY SWISS-BASED INVESTMENT GROUP TBG AG
Apr. 4, 2017
Dow Jones reports:
French power-equipment supplier Schneider Electric agreed Monday to sell its U.S.-based data-software business DTN to TBG AG, a Switzerland-based private holding company, in a deal valued at $900 million.
Schneider acquired DTN, which distributes real-time weather information to farmers and other customers, as part of its €1.4 billion ($1.5 billion) acquisition in 2011 of Spain's Telvent. But in October, Schneider announced a strategic review of the business and decided against trying to build a subscription-based business as a new source of revenue.
The acquisition of DTN, which is based in Minneapolis, Minn., gives TBG ownership of The Progressive Farmer magazine, a storied U.S. agricultural periodical founded in 1886.
That operation, though, is only a small part of DTN's business. It also collects and electronically transmits weather information to farmers, primarily in the U.S. on a subscription basis, to help them determine the best time to plant certain crops.
To read Schneider Electric's news release click here.
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