20th Jul 2015 06:16
LONDON (Alliance News) - FTSE 250-listed engineering software company AVEVA Group PLC on Monday said it has struck a deal with Schneider Electric SE to acquire selected industrial software assets in a GBP1.3 billion reverse takeover.
Under the terms of the deal, AVEVA will acquire the software assets on a debt-free, cash-free basis and will received GBP550 million in cash from Schneider Electric for AVEVA shares, giving Schneider a 53.5% stake in AVEVA.
The GBP550 million Schneider will pay will be distributed to AVEVA shareholders, which will hold a 46.5% stake in the enlarged company.
Schneider Software's product portfolio offers solutions in process engineering, operations planning, and information management, amongst other services.
"The transaction will be transformational to AVEVA, creating a global leader in industrial software, which will be able to better compete on a global scale. Through the acquisition of Schneider Software, AVEVA will significantly expand its scale and product portfolio, diversify its end user markets and increase its geographic exposure to the US market, in line with our strategic goals," said AVEVA Chief Executive Richard Longdon.
By Sam Unsted; [email protected]; @SamUAtAlliance
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