By Scott Kanowsky
Investing.com — Schneider Electric SE (EPA:) announced on Wednesday that it has reached an agreement to purchase the 40% of AVEVA Group PLC (LON:) 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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