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Wednesday 21 September 2022

Schneider confirms full acquisition of Aveva

Aveva logoHaving acquired a 60% share in Aveva through a reverse takeover that competed in 2018 (see hereSchneider Electric has confirmed rumours (Schneider ‘considering’ buying the rest of Aveva shares) that it will acquire the remaining 40%. 

The France HQ’d industrial group is offering £31 per share, which values Aveva at c.£9.48bn. This is a 41% premium on the closing price of 23 August 2022 (the last business day before the commencement of the Offer Period). The transaction is expected to complete in Q123.

It is not a wholly unexpected move, particularly as Aveva has battled through recent years and through COVID disruption (see here). When Schneider originally bought into Aveva it boosted its credentials as a provider in the engineering and operations industrial software space. Since then, Aveva acquired OSIsoft, gaining a data acquisition platform and structuring for industrial customers, which increased its value to Schneider. 

Schneider believes that through the latest transaction it will be able to offer a unique proposition to combine energy and process data and software; enable faster execution of Schneider’s software growth strategy; accelerate Aveva’s transition to a hybrid cloud-based subscription model; and is aligned with Schneider’s ambition to be a "Company of 25" across the economic cycle. But it also means one less UK quoted tech company.

Posted by: Angela Eager at 10:06

Tags: acquisition   software  

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