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.
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