By Ian Walker

LONDON--French electrical equipment maker Schneider Electric SA (SU.FR) Wednesday agreed a cash and share offer for U.K.-listed global technology company Invensys PLC (ISYS.LN), which values it at 3.4 billion pounds ($5.2 billion), or 502 pence a share and is a 14% premium to its share price on July 11.

Under the offer Invensys shareholders will get 0.025955 New Schneider Electric shares and 372 pence in cash, and will have the opportunity to change the ratio of shares and cash under a 'mix and match' election.

On July 11 Invensys said it had received an indicative offer from Schneider worth 505 pence a share, with 319 pence in cash and the balance in shares.

Schneider Electric said the deal will generate significant revenue savings of 400 million Euros ($530.5 million) a year per annum by 2018 as a result of enlarged offerings, complementary customer bases and additional scale from the integration of Invensys with Schneider Electric. It also expects cost savings of EUR140 million per annum by 2016.

Invensys Chairman Nigel Rudd said the offer from Schneider Electric represents an attractive value for shareholders and reflects the future growth prospects.

Write to Ian Walker at ian.walker@wsj.com