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Schneider Eyes Market Leadership in Third Crack at Aveva Deal

After two failed attempts in as many years, Schneider Electric SE is betting a deal to combine its industrial Software business with the U.K.’s Aveva Group Plc will create a market leader in programs to design and operate power plants and factories.

The combined company will have more heft to compete as industrial giants such as Siemens AG and General Electric Co. spend billions to expand into software as factories become more connected.

An initial agreement, in 2015, fell apart after about six months amid concerns about the size of integration costs and complexity of untangling Schneider’s business.

Aveva Chairman Philip Aiken will continue in that role, while the two companies are in the process of choosing a new CEO for the business, according to the statement.

With Aveva, Schneider would add to its footprint in the U.K., where the French company has sought to adapt to a slackening construction and infrastructure market amid the country’s planned retreat from the European Union.

READ MORE (Bloomberg)

  • Europe ekes out gains despite lingering N. Korea tensions; Aveva up 27% on ...CNBC
  • Job loss fears as Aveva becomes latest UK tech darling to be sold offEvening Standard
  • Aveva Group Unveils Software Tie-up With Schneider
  • European shares up, led by financials, health stocks; Aveva gains on Schneider ...Reuters
  • Schneider Electric Takes Control of UK Software Firm Aveva --
  • Third Time Lucky as Aveva Agrees £3 Billion Software Deal With SchneiderU.S. News & World Report
  • UPDATE 1-European shares up, led by health stocks, commodities; Aveva leapsReuters
  • Aveva sale marks end of Cambridge's home-owned £1bn tech groupsFinancial Times
  • Britain's Aveva in 3 billion stg software tie-up with SchneiderReuters

This post first appeared on The 5th News, please read the originial post: here

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Schneider Eyes Market Leadership in Third Crack at Aveva Deal


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