Schneider Electric says combining software ops with Aveva

Tuesday, 5 Sep 2017 

Sept 5 (Reuters) - Schneider Electric SE :Schneider Electric says combining its industrial software business with Aveva.Schneider Electric says its board of directors and Aveva group board have reached agreement on the terms and conditions of a combination of Aveva and Schneider Electric industrial software business.Schneider Electric - combined entity will be a global leader in engineering and industrial software with combined revenues and adjusted EBITA of approximately £657.5 mi.Schneider Electric - combination will create an enlarged Aveva group well-positioned to take advantage of future M&A opportunities building on its scale and comprehensive industry and lifecycle solution coverage.Schneider electric - on completion, following the issue of ordinary shares in the capital of Aveva to Schneider electric, Schneider Electric will own 60 percent of the enlarged Aveva Group on a fully diluted basis.Schneider Electric participants in the Aveva share plans will retain 40 per cent equity ownership (on a fully diluted basis).Schneider Electric the existing non-executive directors of Aveva will remain in place on completion.Schneider Electric - enlarged Aveva group’s headquarters will continue to be located in Cambridge, United Kingdom.Schneider Electric - enlarged Aveva Group’s relationship with Schneider Electric, as its majority shareholder, will be governed by a relationship agreement and the listing rules.