France’s Schneider Electric will take a 60% stake in an enlarged industrial software business worth about GBP£3 billion (US$3.9 billion) after agreeing to combine with Britain’s Aveva at the third time of asking.
Jean-Pascal Tricoire, chairman and CEO of Schneider Electric, said the combined company would be better placed to serve a wide range of industries and its enhanced capacity would also benefit investors.
Completion of the deal, due around the end of the year, will mark the end of independence for the last US$1 billion-plus tech company founded in the English university city of Cambridge, an area known as “Silicon Fen”.
The British company’s chief executive James Kidd said he was confident the merger would get over the line this time after two failed attempts to do a deal since 2015.
“We are in a much further progressed position than we’ve been before; we’ve signed a binding merger agreement with Schneider,” he said in an interview.
Aveva’s products are used to design and manage oil rigs, ships and chemical plants, while the French multinational spans electrical components, energy management and industrial automation systems.
Full Content: CNBC
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ and FTC Introduce Website for Reporting Anti-Competitive Healthcare Practices
Apr 18, 2024 by
CPI
US Congress Advances Legislation to Compel TikTok Sale
Apr 18, 2024 by
CPI
UK Financial Sector Advocates Enhanced Regulatory Accountability
Apr 18, 2024 by
CPI
Google and All 50 States Defend $700 Million Consumer Settlement
Apr 18, 2024 by
CPI
Colorado Enacts First Law to Protect Consumer Brainwave Data
Apr 18, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI