(Editor's Note: This story from earlier this morning is bein republished to run on additional wires)

By Noemie Bisserbe

PARIS--French power-equipment supplier Schneider Electric SE (SU.FR) said Monday it has agreed to sell U.S.-based data-software business DTN to Switzerland's TBG AG in a deal valuing the company at $900 million.

Schneider Electric expects to close the deal in the second quarter of this year. The company said it intended to use the net proceeds from this transaction in a share buyback program of around 1 billion euros ($1.06 billion) over a two-year period.

Schneider acquired DTN, which distributes real-time weather information to farmers and other customers, as part of its EUR1.4 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 expected sale also comes as the French multinational's overall strategy is showing signs of paying off. In February, it reported 24% growth in annual net profit, attributing the strength to a combination of organic growth, cost controls and improving margins.

Based in Minneapolis, Minn., DTN is most widely known for its ownership of the Progressive Farmer magazine, a storied U.S. agricultural periodical founded in 1886.

Write to Noemie Bisserbe at noemie.bisserbe@wsj.com

(END) Dow Jones Newswires

April 03, 2017 12:08 ET (16:08 GMT)