French state-owned electric utility Électricité de France signed binding agreements to complete the acquisition of a 75.5% stake in Areva SA's nuclear reactor business for an adjusted value of €2.47 billion.

The deal is scheduled to close Dec. 31.

In November 2016, EDF agreed to purchase between 51% and 75% of Areva NP.

Meanwhile, Japan's Mitsubishi Heavy Industries will acquire a 19.5% interest in Areva NP and French industrial engineering firm Assystem agreed to purchase a 5% stake.

The transaction is part of a state-led financial rescue for Areva, decided by the previous government in 2015.