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LONDON — The British engineering company Aveva Group said on Tuesday that it had walked away from a complex deal with Schneider Electric that … UK engineering software firm Aveva is to merge with the software arm of French energy group Schneider Electric, creating a company worth about £3bn… The merged group said it was in the process of seeking a new chief executive with experience of running a global software business. All quotes delayed a minimum of 15 minutes. The new group’s combined headquarters will be in Cambridge, where Aveva’s currently are, and the two parties are currently in the process of selecting a new chief executive officer. Schneider Electric became the largest shareholder with a 60% ownership interest. The deal has AVEVA buying Schneider Software on a “debt-free cash-free basis” for £1.3 billion. It provides software for the oil, shipping and power sectors. Our journalists will try to respond by joining the threads when they can to create a true meeting of independent Premium. It allows our most engaged readers to debate the big issues, share their own experiences, discuss real-world solutions, and more. “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. Kidd, who will be the interim chief executive of the combined group before taking the deputy CEO and CFO role, said the logic of the deal remained compelling. The valuation of OSIsoft, although “expensive” and prompting Schneider to suspend its share buyback, however offers a “strong industrial logic”, according to analysts at Jefferies. OSISoft and AVEVA: Could this be the defining deal of the IIoT Era? The French company will pay Aveva around 858 pence per share, or £550m in cash, and the tie-up is expected to be completed around the end of 2017. 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. The deal is “absolutely happening” this time, Aveva CEO James Kidd said in a separate phone interview, adding that Schneider has done a lot of work to separate its software business since the original dialogue between the companies began. Additional reporting by Leigh Thomas in Paris; editing by Jason Neely and Keith Weir. Schneider will take a 60 percent stake in the enlarged group in a reverse takeover that will enable Aveva to retain its London listing. 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. Want an ad-free experience?Subscribe to Independent Premium. Completion of the deal, due around the end of the year, will mark the end of independence for the last $1 billion-plus tech company founded in the English university city of Cambridge, an area known as “Silicon Fen”. Schneider will take a 60% stake in Aveva under the terms of the deal, with Aveva shareholders to own the remainder. 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. 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. Aveva was founded in 1967 as a spin-off from Cambridge University. Shares in Aveva, which have underperformed the FTSE 250 index by 21 percent in the last two years, soared 26 percent to 24.25 pounds at 1500 GMT. Schneider Electric, which currently holds a 60% stake in Aveva, has committed to vote in favor of the acquisition. Please continue to respect all commenters and create constructive debates. Under the terms of the deal, in return for ceding control, Aveva shareholders will receive 550 million pounds of cash, worth around 858 pence per share, from Schneider and another 100 million pounds, worth around 156 pence per share, of cash on Aveva’s balance sheet. The Schneider Electric and Life Is On trademarks are owned by Schneider Electric and are being licensed to AVEVA by Schneider Electric. Aveva will become Britain’s largest software group, after agreeing to the $5 billion, merger with the American based OSIsoft. Aveva's shareholders will receive £550m - around 858p-per-share in cash - as part of the deal from Schneider, plus an additional £100m worth around 156p-per-share, from cash on Aveva… Schneider Electric Systems USA, Inc. engages in the provision of process automation and control solutions. Independent Premium Comments can be posted by members of our membership scheme, Independent Premium. Kidd said on Tuesday that Schneider had worked to separate its software assets ahead of the deal this time. Together, AVEVA and Schneider Electric bring deep industry expertise that help you increase energy efficiency, reduce waste, and boost circularity throughout engineering and operations, to maximize sustainable performance and resiliency of your business. 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. Are you sure you want to delete this comment? The most insightful comments on all subjects will be published daily in dedicated articles. Schneider Electric acquired 60 percent stake in the IT company. The collapse of the first tie-up attempt was blamed by Aveva on the “highly complex structure of the proposed transaction” and worries about “significant integration challenges”. This is the companies' third attempt at a combination over the past two years. LONDON — The British engineering company Aveva Group said on Tuesday that it had walked away from a complex deal with Schneider Electric that … Analysts at Investec, who put their “hold” rating on Aveva under review, said the deal was “sensible” considering the strategic challenges Aveva faced. Please be respectful when making a comment and adhere to our Community Guidelines. “The deal also increases Schneider’s exposure to Oil & Gas capex,” they added, an area that has come under pressure as energy companies trim their budgets. Want to bookmark your favourite articles and stories to read or reference later? 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. Stadium 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. Analysts at Jefferies said the rationale looked reasonable, but the details were less convincing for shareholders in the French group. The Schneider Electric industrial software business and AVEVA have merged to trade as AVEVA Group plc, a UK listed company. 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”. 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. Lazard advised Aveva. We use cookies (opens in new window) for a number of reasons, such as keeping FT Sites reliable and secure, personalising content and ads, providing social media features and … “In absence of any bids being made by other potential suitors over the last couple of years, this seems like the best option for Aveva shareholders to help overcome the strategic growth challenges of being largely focused on the oil and gas market,” they said. Schneider Electric was little changed at 69.09 euros. OSIsoft is backed by Japan-based tech firm Softbank. 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. “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. {{#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. 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 Schneider Electric industrial software business and AVEVA have merged to trade as AVEVA Group plc, a UK listed company. Are you sure you want to mark this comment as inappropriate? 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. Aveva OSIsoft SoftBank technology The UK. Purchase price Enterprise value of $5.0 billion on a cash-free, debt-free basis and on the basis of a … Due to the sheer scale of this comment community, we are not able to give each post the same level of attention, but we have preserved this area in the interests of open debate. Purchase price Enterprise value of $5.0 billion on a cash-free, debt-free basis and on the basis of a … The deal - … The deal would be classified as a … Under the terms of the transaction, Schneider will take a 60 per cent stake in the new group, creating a “global leader in engineering and industrial software”. In exchange, Schneider Electric would receive 74 million shares, or about a 53.5 percent stake, in Aveva worth about £1.3 billion. The Schneider Electric and Life Is On trademarks are owned by Schneider Electric and are being licensed to AVEVA by Schneider Electric. UK based software company Aveva, majority owned by France based automation specialist Schneider Electric, has struck a deal to acquire US data management outfit OSIsoft for $5 billion. 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. Aviva recorded 22 percent profit in March but its share prices slumped 5.5 percent because of the Covid-19 crisis. The deal will follow from Aveva's merger with Schneider Electric's industrial software business in 2018 and see it expand the uses of its kit into industries from manufacturing to pharmaceuticals. Aveva’s last major deal was three years ago when France’s Schneider Electric took a 60% stake in the company. See here for a complete list of exchanges and delays. 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 … It marks the third attempt by the two companies to complete a tie-up, and will represent Britain’s biggest technology deal this year, Find your bookmarks in your Independent Premium section, under my profile. Schneider will take a 60% stake in Aveva under the terms of the deal, with Aveva shareholders to own the remainder. Schneider Electric’s Industrial Software Business Combines with AVEVA. 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. Despite the deal having been in the works for more than two years, there are no quantified synergies to justify that to Schneider shareholders. The deal, including the cash return, implied a total value for the shares of about 25-26 pounds, they said. The company was founded on January 1, 1914 and is … Schneider is a multinational company, operational in over 100 countries. Our Standards: The Thomson Reuters Trust Principles. Aveva shareholders will vote on … Aveva will become Britain’s largest software group, after agreeing … "We are delighted to have reached agreement […] with the Schneider Electric software business,” said Philip Aiken, chairman of Aveva. 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