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FTSE-250 engineering software developer Aveva is set to merge with French industrial group Schneider Electric in a deal worth more than £3bn.
The deal that will create one of the UK’s biggest listed software companies will see Schneider take majority stake in Aveva, but will remain listed on the Stock Exchange and its Cambridge base.
It is not the first time the two companies have discussed a possible combination, they have discussed a merger twice since 2015 but were unable to agree terms.
Philip Aiken, Aveva chairman, said he was “delighted” with the deal which would be “transformational to Aveva, creating a global leader in industrial software, which will be able to better compete on a global scale”.
Schneider will pay a total of £550m in cash, around 858p a share to Aveva shareholders to gain control of the company.
Aveva will also distributed £100m to existing Aveva shareholders when the deal goes through.
Aveva employs 1,700 people worldwide and developed and spun out of Cambridge University in the 1967 to become a leading engineering software developer.
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