Siemens buys UK rail tech firm for $2.8 billion

(AP) German industrial conglomerate Siemens is buying a railway business division from Britain's Invensys PLC for 1.74 billion pounds ($2.8 billion).

Siemens AG said its supervisory board approved the purchase of the firm specializing in railway signaling software and technology on Wednesday.

Siemens said the firm, which has around 3,200 employees and revenues of 775 million pounds, will strengthen its own railway automation unit based in Berlin.

The deal still requires approval from Siemens' shareholders and anti-trust authorities.