Schneider Electric and UK engineering software firm Aveva are set to merge, creating a company worth around £3 billion.
The deal – Schneider’s third attempt in three years to strike a deal – means the French energy group will claim a majority stake in Aveva.
Under the terms of the deal, Aveva will have access to Schneider’s significant global software division in exchange for new shares in the UK firm.
Schneider will also pay £550m in cash (or 858p per share) to Aveva shareholders as compensation.
Philip Aiken, chairman of Aveva said the deal would be “transformational to Aveva, creating a global leader in industrial software, which will be able to better compete on a global scale.”
A number of UK tech firms have been swallowed up by global firms in recent months, with PwC acquiring Optimisa Research and Accenture buying Brand Learning earlier this year.
