Future Of British Business
Schneider to Buy Aveva in £9.5 Billion Industrial Software Deal
- French industrial company already owns 59.14% of Aveva
- Deal is expected to close in the first quarter after approvals
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Schneider Electric SE agreed to buy out minority shareholders in Aveva Group Plc in a deal that values the UK industrial software company at £9.5 billion ($10.8 billion), the latest foreign takeover of British tech company.
Schneider will pay £31 per share, the company said in a statement on Wednesday, confirming an earlier Bloomberg News report. Under the terms of the deal, the company, which already owns 59.14% of Cambridge, England-based Aveva, will pay about £3.87 billion for the remaining equity.