Schneider Electric buys Britain’s Aveva in reverse takeover

Aveva will receive from Schneider 550 million pounds ($858 million) in exchange for new Aveva shares to be issued to Schneider, the British company said Monday in a statement.

The French firm will likely own 53.5% of one’s amplified Aveva, which may possibly stay cited in London, because of its posses worthy of about one-.at least three zillion pounds at current economy charges, the firms said.

VEVA Group and Schneider Electric SE have reached a non-binding agreement on the key terms and conditions of an acquisition of selected Schneider Electric industrial software assets (including, among others, the former Invensys software assets) by AVEVA (the “Transaction”). The cash payment from Schneider Electric will be distributed upon completion to AVEVA’s shareholders.

The move is part of the French group’s strategy of shifting from being a manufacturer of electrical devices and automation equipment to an integrated provider of bundled deals, including equipment, services and software, to industry.

“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”.