Aveva Group PLC said Wednesday that it has agreed to a 9.48 billion pound ($10.79 billion) takeover by its major shareholder French energy management and automation group Schneider Electric SE.
Under the deal, accepting shareholders of the U.K. engineering and industrial-software
will get 3,100 pence in cash for each share held. The offer price is a 41% premium to Aveva’s closing price of 2,192 pence a share on Aug. 23, the day before Schneider
disclosed that it was considering a possible offer for the rest of Aveva that it didn’t already own.
Accepting shareholders will also be able to keep any interim dividend of up to 13 pence a share declared by Aveva for the half year ended Sept. 30 without any reduction in the share consideration, Schneider said.
The offer prices puts an enterprise value on Aveva of GBP10.15 billion.
“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, while respecting the companies’ particular strengths, and accelerating the transition to a subscription business model under private ownership,” Schneider Chief Executive Jean-Pascal Tricoire said.
Schneider currently owns 178.6 million shares in Aveva, or 59.14% of its issued share capital via its subsidiary Samos Acquisition Company Ltd.
The acquisition is expected to complete in the first quarter of 2023.
Write to Ian Walker at [email protected]