UK engineering software firm Aveva is to merge with the software arm of French energy group Schneider Electric, creating a company worth about £3bn… UK engineering software company Aveva has agreed to merge with the software business of France’s Schneider Electric – a deal that will create a London-listed firm worth over £3bn. See here for a complete list of exchanges and delays. Stadium Schneider Electric’s Industrial Software Business Combines with AVEVA. The deal, including the cash return, implied a total value for the shares of about 25-26 pounds, they said. Purchase price Enterprise value of $5.0 billion on a cash-free, debt-free basis and on the basis of a … UK based software company Aveva, majority-owned by French automation specialist Schneider Electric, struck a merger deal to acquire OSIsoft, the U.S.-based data management company for $5 billion. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. Aveva’s last major deal was three years ago when France’s Schneider Electric took a 60% stake in the company. Aveva will significantly expand its scale and product portfolio, increase its capabilities in the owner operator market, diversify its end user markets and increase its geographic exposure to the North American market, in line with our strategic goals,” he said. Schneider Electric became the largest shareholder with a 60% ownership interest. Schneider Electric, which currently holds a 60% stake in Aveva, has committed to vote in favor of the acquisition. “They have also got a substantial presence in the US, which has been one of our key strategic objectives for some time and this gives us a great platform,” he said. This is the companies' third attempt at a combination over the past two years. Schneider-Aveva deal creates ‘a global leader in software’ 20 July, 2015 Schneider Electric has announced plans to perform a reverse takeover of the UK-based industrial software developer Aveva that will combine their software operations to create “a global leader in industrial software”. The company was founded on January 1, 1914 and is … The Schneider Electric and Life Is On trademarks are owned by Schneider Electric and are being licensed to AVEVA by Schneider Electric. Kidd said on Tuesday that Schneider had worked to separate its software assets ahead of the deal this time. French industrial group Schneider Electric has agreed a takeover of Aveva, the UK engineering software developer, in a deal worth more than £3bn. The merged group said it was in the process of seeking a new chief executive with experience of running a global software business. Are you sure you want to mark this comment as inappropriate? “Aveva’s recent record is poor, with profits 30 percent below the 2014 peak and minimal growth,” they said. Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. Aveva and Schneider had in July agreed a deal that would have involved Schneider paying 550 million pounds towards the issue of new shares in Aveva, to … Schneider is a multinational company, operational in over 100 countries. Aveva shareholders will vote on … Analysts at Jefferies said the rationale looked reasonable, but the details were less convincing for shareholders in the French group. Aveva’s last major deal with Schneider Electric was three years ago. The most insightful comments on all subjects will be published daily in dedicated articles. Jean-Pascal Tricoire, chairman and CEO of Schneider Electric, said the combined company would be better placed to serve a wide range of industries and its enhanced capacity would also benefit investors. Schneider Electric took 60% ownership of the Enlarged AVEVA Group at that time and Schneider Electric has a role in the AVEVA acquisition of OSIsoft. Schneider Electric acquired 60 percent stake in the IT company. Aveva had previously been wary of a full takeover by Schneider. Schneider-Aveva deal creates ‘a global leader in software’ 20 July, 2015 Schneider Electric has announced plans to perform a reverse takeover of the UK-based industrial software developer Aveva that will combine their software operations to create “a global leader in industrial software”. OSISoft and AVEVA: Could this be the defining deal of the IIoT Era? LONDON (Reuters) - France’s Schneider Electric will take a 60 percent stake in an enlarged industrial software business worth about 3 billion pounds after agreeing to combine with Britain’s Aveva Group at the third time of asking. Aveva Group Plc has agreed to buy Osisoft in a deal that gives the SoftBank Group Corp.-backed industrial software maker an enterprise value of $5 billion. It marks the third attempt by the two companies to complete a tie-up, and will represent Britain’s biggest technology deal this year, according to Reuters. Purchase price Enterprise value of $5.0 billion on a cash-free, debt-free basis and on the basis of a … As such, the agreement will be structured as a so-called reverse takeover. Aveva has agreed to acquire OSIsoft, its SoftBank-backed US rival, in a $ 5 billion buyout which is one of the largest deals ever by a UK tech company.Cambridge-based Aveva is one of Britain’s oldest technology companies, having split from Cambridge University in the 1960s. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. Want an ad-free experience?Subscribe to Independent Premium. AVEVA, the industrial software company, announced on August 25, 2020, its intention to acquire OSIsoft from Dr. J. Patrick Kennedy and OSIsoft investors, including SoftBank, for $5 billion. Aveva will become Britain’s largest software group, after agreeing … It gave Aveva a bigger presence in sectors such as food and beverages and pharmaceuticals as well as in its strongholds in oil and gas, mining, and marine, he said. LONDON — The British engineering company Aveva Group said on Tuesday that it had walked away from a complex deal with Schneider Electric that … Aveva, the FTSE 250 engineering software group, has agreed a £3bn-plus merger with the software arm of France's Schneider Electric. “We are in a much further progressed position than we’ve been before; we’ve signed a binding merger agreement with Schneider,” he said in an interview. AVEVA Group Plc, the British industrial software firm, has agreed to buy OSIsoft in a deal that gives the California-based company an enterprise value of $5 billion. Aveva Group Plc has agreed to buy Osisoft in a deal that gives the SoftBank Group Corp. -backed industrial software maker an enterprise value of $5 billion. James Kidd, the current CEO of Aveva, will remain in his role until a replacement is found, at which time he will be appointed deputy CEO and chief financial officer. Schneider will take a 60% stake in Aveva under the terms of the deal, with Aveva shareholders to own the remainder. Start your Independent Premium subscription today. {{#verifyErrors}} {{message}} {{/verifyErrors}} {{^verifyErrors}} {{message}} {{/verifyErrors}}, Aveva announces deal with Schneider Electric to create £3bn company, UK payment tech firm Paysafe receives multi-billion takeover offer, You may not agree with our views, or other users’, but please respond to them respectfully, Swearing, personal abuse, racism, sexism, homophobia and other discriminatory or inciteful language is not acceptable, Do not impersonate other users or reveal private information about third parties, We reserve the right to delete inappropriate posts and ban offending users without notification. AVEVA and Schneider Electric complete industrial software merger On March 1 2018, UK-based listed industrial design and management software leader AVEVA Group announced the completion of its merger with the industrial software business of Schneider Electric which was announced in 2017 after two previous attempts had failed.