Aveva Agrees to GBP9.48 Billion Takeover By Schneider
21 September 2022 - 8:47AM
Dow Jones News
By Ian Walker
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.
The offer prices puts an enterprise value on Aveva of GBP10.15
billion.
Schneider currently owns 178.6 million shares in Aveva, or
59.14% of its issued share capital via its subsidiary Samos
Acquisition Company Ltd.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
September 21, 2022 02:32 ET (06:32 GMT)
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