Schneider Electric Takes Control of Aveva in $12 Billion Deal

The French engineering company Schneider Electric has acquired control over Aveva, one of the largest British technology companies, a software maker for the energy, mining, shipbuilding and other industries. A total of 83% of Aveva’s shareholders approved the French company’s offer to buy out the British company’s non-Schneider Electric shares. Financial Times. As part of the deal, all of Aveva was valued at $11.9 billion.

Schneider Electric already owns 60% of the British Aveva, the French company acquired this share back in 2017. And that deal was made after two failed attempts to negotiate. With the repurchase of the remaining shares now, too, everything turned out to be difficult for the French side. Rumors that Schneider Electric is considering a buyout of the remaining shares of Aveva, appeared in August in the media.

The French company soon confirmed its intentions, but its proposed price – £ 31 per share – was categorically rejected by the majority of Aveva shareholders as too low. Shareholders said Schneider Electric was simply trying to take advantage of Aveva’s temporary drop in share prices. As part of the improved offering, Schneider Electric raised the price to £32.22 per share, a 47% premium on the British company’s share price in August. Aveva is one of the oldest and most successful British technology companies, having emerged from the University of Cambridge in the 1960s. Upon completion of the transaction, it will retain its headquarters in Cambridge and a team of specialists. Shares of companies reacted to the news about the deal with growth.

Alena Miklashevskaya