Schneider Electric £3 billion reverse takeover of Aveva Group

Overview:

• Schneider Electric has undertaken the merger of its industrial software business unit that of Cambridge based Aveva Group via a reverse takeover.
• The deal will see Schneider take a 60% stake in Aveva valued at £1.7 billion. Aveva will receive the software unit and £550 million in return.
• The combined company, valued at £3 billion, will create software to be used in the energy, oil and gas and shipping industries.
• This is the third attempt to complete the deal following failed bids in 2015 and 2016.
• Lazard acted as financial adviser to Aveva, Morgan Stanley advised Schneider.

Sam Duke - Editor