French energy and automation giant Schneider Electric has agreed a £9.5 billion takeover of Aveva.

Schneider Electric, which paid £3bn to take majority control of Aveva in 2017 via a reverse takeover, said it will keep the Cambridge headquarters of the industrial software company.

The deal to acquire the remaining 40% shares of Aveva which it does not own is expected to complete in 2023. 

It values the shares at £31 each, representing a premium of 41% on the closing price of £22 on 23rd August, the day before the offer was made.

Aveva, a FTSE 100 company, has more than 6,400 employees, while Schneider Electric has around 4,000 staff in the UK. The latter said it does not plan to make any significant changes.

“Schneider Electric has been a supportive shareholder and partner in the strategic development of Aveva since 2018, most recently in the acquisition of Osisoft, and I am confident that Schneider Electric will continue to build on that legacy,” said Aveva chairman Philip Aiken.

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Jean-Pascal Tricoire, CEO of Schneider, said: “We are proud of Aveva’s track record in the UK, one of Schneider Electric’s most important and strategic markets, and will maintain its headquarters in Cambridge, allowing us to continue to benefit from the region’s thriving technology community.

“The strong combination of Aveva’s data platform and specialised applications with Schneider Electric’s energy expertise will offer customers tangible gains in all aspects of safety, reliability, efficiency and sustainability.”

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