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France’s Schneider confirms £9.4bn takeover of London-listed Aveva

The £9.4bn takeover of London-listed software firm Aveva by France’s Schneider Electric has been officially announced by the two companies.

The acquisition was first said to be on the cards in August when Schneider, which already owns a majority stake in Aveva, confirmed to UKTN that a complete takeover was being considered.

Schneider acquired its current 60% stake in Aveva in 2017 for £3bn.

“By taking 100% 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,” said Schneider Electric CEO Jean-Pascal Tricoire.

Tricoire said that Schneider will be “respecting the companies’ particular strengths and accelerating the transition to a subscription business model under private ownership”.

Founded in 1967, Cambridge-based Aveva develops software used in engineering. Its products have supported the development of oil rigs, nuclear power stations, and other large-scale projects.

Aveva has become one of the most valuable public tech companies in the UK and one of only two software firms currently on the FTSE 100 Index, the other being Sage Group.

The takeover will come as a significant blow to the London Stock Exchange, which has struggled to encourage new tech IPOs and has a history of losing those already on it.

Semiconductor company Arm was famously delisted from the London Stock Exchange following its acquisition by Japan’s SoftBank in 2016.

The UK government remains keen to persuade SoftBank chief executive Masayoshi Son to once again list Arm in London.

The post France’s Schneider confirms £9.4bn takeover of London-listed Aveva appeared first on UKTN | UK Tech News.

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