French industrial giant Schneider has snatched London-listed software developer Aveva in a £9.4bn deal.
Schneider already owns a majority stake in the Cambridge developer as in 2017 it acquired 60 per cent of Aveva for £3bn.
The £31 per-share deal, which implies an enterprise value of £10.2bn, was announced today by the companies.
The offer represents a premium of 41 per cent to Aveva’s closing price on 23 August, the last day of trading before the French giant considered a full buyout.
It includes an interim dividend of up to 13p per share which will be paid to shareholders without any reduction in the consideration.
“By taking 100 per cent ownership of AVEVA, we will be able to grow the business faster by simplifying decision-making, enabling seamless interactions between teams, accelerating our investments in R&D and enabling a more coordinated sales strategy, while respecting the companies’ particular strengths, and accelerating the transition to a subscription business model under private ownership,” commented Schneider’s chief executive Jean-Pascal Tricoire.
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