Trending: Schneider Electric's $10.8 Billion Acquisition of Aveva
21 September 2022 - 3:24PM
Dow Jones News
1253 GMT - Schneider Electric is among the most mentioned
companies across news items over the past 12 hours, according to
Factiva data, after the French energy management and automation
company confirmed its intention to purchase the rest of Aveva's
shares that it doesn't already own. Schneider agreed to pay 9.48
billion pounds ($10.8 billion). Schneider says that together they
will enable the faster execution of its software growth strategy
and combine energy and processes. As part of the deal Aveva will
retain its business autonomy, Schneider said. Berenberg analysts in
a research note say that the deal has questionable merits. If Aveva
is to remain truly independent, the analysts say they struggle to
see how the deal contributes more than 2% to 3% to Schneider's
earnings per share. But Bryan Garnier analysts Gregory Ramirez and
Paul Charpentier say in a note that the rationale for the deal is
also to accelerate Aveva's transition into a hybrid cloud-based
subscription model. The acquisition is expected to close in the
first quarter of 2023. Dow Jones & Co. owns
Factiva.(pierre.bertrand@wsj.com)
(END) Dow Jones Newswires
September 21, 2022 09:09 ET (13:09 GMT)
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