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Aveva Shares Rise on Report of Potential Schneider Buyout

Investing.com
·1-min read

By Scott Kanowsky

Investing.com -- Shares in AVEVA Group PLC (LON:AVV) moved higher on Tuesday after a report emerged that France's Schneider Electric SE (EPA:SCHN) is edging closer to a deal to totally acquire the U.K. software firm.

According to Sky News, the boards of both companies are in talks over an agreement that would see Schneider purchase the roughly 40% of Aveva shares it does not already own. The transaction would cost the industrial firm £30 per share, translating to an overall price tag of about £3.5B.

Aveva's market capitalization is more than £8.8B, based on its shares' value of £29.59 at the close of London trading on Monday.

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Sources quoted by Sky News said the move is expected to be announced before a September 21 deadline imposed by British competition authorities.

The Cambridge, U.K.-based Aveva is also exploring new possibilities and investments for the brand under Schneider's control, Sky News reported.

Schneider, which owns almost 60% of Aveva, assumed majority control over Aveva following a reverse takeover in 2017. Last month, the company reportedly said it was eyeing a possible buy out of Aveva's minority shareholders.

Analysts at Bryan, Garnier&Co. said in a note that the deal aims to simplify Aveva's corporate structure, while also creating cost synergies. They added that Schneider would potentially be purchasing the remaining Aveva shares at a valuation as much as 20% lower than their level a year ago.

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