Velan Inc. has announced its intention to sell its French subsidiaries, Segault SAS and Velan SAS, to Framatome, a unit of Electricite de France (EDF (EPA: EDF )).

The total value of the deal is reported to be $198.4 million, according to a company statement.

The company's stock rose 32% on the news.

The completion of the sale is contingent on approval from Velan's shareholders. At this time, Framatome, which is 80.5% owned by EDF, has not provided a comment on the planned transaction.