Software firm Aveva agrees to £9.5bn full buyout by France’s Schneider

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K software firm Aveva Group has agreed to a complete buyout by its major shareholder, French energy and automation company Schneider Electric, in a deal that values ​​the firm at £9.5 billion.

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Shares in Cambridge-based Aveva, which has more than 6,400 employees, will be worth £31 in the deal, which is expected to be completed in the first three months of 2023.

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This means that Schneider will acquire approximately 40% of the shares that are not already in the FTSE 100 firm.

Schneider, which has about 4,000 employees in the UK, said taking full ownership of Aveva would help the business grow by combining its own energy proposition with Aveva’s process data and software.

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The group confirmed that it has no plans to make material changes to Avava’s employee base and intends to maintain its culture as a software business.

Schneider said the buyout represents a premium of approximately 41% to the closing price of £22 per Avava share on the last day of the offer on 23 August.

Jean-Pascal Trichoir, Chief Executive of Schneider Electric, said: “We are proud of Aveva’s track record in the UK, one of Schneider Electric’s most important and strategic markets, and will maintain its headquarters in Cambridge, allowing us to continue to benefit from The region’s thriving technology community.

“The strong combination of Avava’s data platform and specialized applications with Schneider Electric’s energy expertise will provide customers with tangible benefits in all aspects of safety, reliability, efficiency and sustainability.”

Philip Aiken, President of Aveva, said: “Schneider Electric has been a supporting shareholder and partner in Aveva’s strategic growth since 2018, most recently its acquisition of Osisoft, and I am confident that Schneider Electric will continue to build on that legacy. . Future.”

Shares of Avava were up about 2% on Wednesday morning.

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