By Louis Goss
London listed software developer Aveva is near to closing a deal that would see it fully taken over by French industrial giant Schneider Electric.
The two companies are in discussions for Schneider to acquire the roughly 40 per cent stake in Aveva that it does not already own, at a price of £30 a share, Sky News first reported.
At a price of £30 per share, the 40 per cent stake in the Cambridge software company is set to cost Schneider around £3.5bn.
The two firms are seeking to close the deal ahead of a 21 September deadline imposed by the UK’s takeover watchdog.
Schneider previously acquired a controlling 60 per cent stake in Aveva for £3bn in 2017, in its third attempt to takeover the software developer since 2015.
Shares in Aveva have doubled in price since then meaning Schneider will be forced to pay substantially more for the remaining stake in FTSE 100 company.
Investment bankers at Citi are advising Schneider on the deal while Lazard is advising Aveva.
The post Aveva nears closure on multi-billion-pound Schneider buyout appeared first on CityAM.
