The AREVA T&D business, described by the company as non-core, provides engineering and maintenance services to key infrastructure and industrial players. It operates in the electricity, heavy industrial, telecommunication and related infrastructure market segments.

Headquartered in Auckland, New Zealand, the AREVA T&D business has about 1900 employees and more than 600 sub-contractors. Annual turnover is about NZ$300 million. About 56% of turnover is derived in New Zealand, the remaining 44% in Australia.

“Earlier this year, AREVA T&D refocused its service product line around activities that add value to T&D as a product and systems provider. As a result, the electrical and telecommunications services in Australia and New Zealand are no longer viewed as core activities for AREVA T&D,” said AREVA T&D chairman and chief executive, Philippe Guillemot.

“This transaction is an important milestone in the optimisation of our portfolio activities, enabling us to accelerate our redeployment and development.

"None of our traditional core T&D activities in the region will be affected by the sale, and we will continue to manufacture and supply products, design and build systems and provide life cycle associated support for the T&D market. We are delighted that Transfield Services, with its strong experience and service credentials, has reached agreement with us to acquire this business.”

The deal is subject to regulatory approvals and standard conditions precedent. Completion is scheduled for April 2005.

Transfield Services is a leading provider of operations, maintenance and asset management services across 11 industry sectors, with more than 110 contracts in Australia, New Zealand, Malaysia and the Middle East. The company has annual revenue of more than $1.2 billion and more than 8500 employees. It is publicly listed and included in the S&P/ASX 200 index.