Aveva to merge with Schneider software arm in £3B deal
September 06, 2017
French energy group Schneider Electric has agreed to merge its software unit with UK engineering technology company Aveva, creating a business worth around £3 billion. Schneider will hold 60% of the enlarged entity.
Aveva's shareholders will receive £650 million in cash, while the new business will retain its Cambridge base and stay listed on the London Stock Exchange. The combined revenues for the last financial year would have stood at around £658 million, with EBITDA of almost £146 million.
It is the third time that the two companies have tried to merge in the last two years, with talks collapsing at various stages during previous negotiations. A completed deal would underscore an emerging trend which has seen the number of failed M&A deals in Europe drop significantly.