Schneider Electric Agrees to £9.4B Acquisition of Rest of U.K. Software Firm Aveva By Investing.com

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Schneider Electric Agrees to £9.4B Acquisition of Rest of U.K. Software Firm Aveva

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By Scott Kanowsky

Investing.com -- Schneider Electric SE (EPA:SCHN) announced on Wednesday that it has reached an agreement to purchase the 40% of AVEVA Group PLC (LON:AVV) it does not already own, in a deal that values the U.K. software firm at more than £9.4B.

The French industrial company said in a statement that Aveva stakeholders will receive 3,100 pence for each of their shares, representing a 41% premium to Aveva's closing share price on August 23.

An interim dividend of up to 13 pence per Aveva share linked to the six-month trading period ended on September 30th will also be delivered, Schneider added.

"Schneider Electric believes that the Acquisition will enable it to take a holistic approach to digitization across a customer's operations and step-change improvements through a reduction in energy, carbon and resource intensity, accelerating customer journeys of efficiency and sustainability," it said.

Schneider, which owns almost 60% of Aveva, assumed majority control over the Cambridge, U.K-based firm following a reverse takeover in 2017.

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