Schneider Electric and AVEVA to Create a Global Leader in Industrial Software
July 20 2015 - 2:07AM
Business Wire
Regulatory News:
Schneider Electric SE (Paris:SU) announces today it has reached
a preliminary, non-binding agreement with AVEVA Group PLC (“AVEVA”)
on the key terms and conditions of a combination of selected
Schneider Electric industrial software assets and AVEVA (forming
the “Enlarged AVEVA Group”).
It is expected that the proposed transaction would:
1. create a global leader in industrial software, with a unique
portfolio of asset management solutions from design & build to
operations, with both scale and a distinct market position to
address critical customer requirements along the full asset life
cycle in key industrial and infrastructure markets;
2. unlock additional value at enlarged AVEVA and Schneider
Electric through the potential for material revenue and costs
synergies, leveraging on complementary end-markets exposures,
customer bases and product portfolios;
3. establish a ‘best in class’ management team and increased
brand profile for attracting further talent; and
4. realize the full value of the contributed industrial software
assets.
The enlarged AVEVA would have combined revenues and Adjusted
EBITA of c. £534 million and c. £130 million, respectively. It is
expected that the Enlarged AVEVA Group will continue to be admitted
to listing on the Official List of the UK Listing Authority and to
trade on the London Stock Exchange plc’s main market for listed
securities. Schneider Electric intends to comply with the Listing
Rules of the UKLA. As part of the transaction, Schneider Electric
would contribute a selection of its industrial software assets to
AVEVA and make a cash payment of £550m to AVEVA, (which would
subsequently be distributed to AVEVA shareholders excluding
Schneider Electric) in exchange for the issuance of new AVEVA
shares, giving Schneider Electric a majority stake of 53.5% in the
Enlarged AVEVA Group on a fully-diluted basis. Schneider Electric
would fully consolidate the business in its Group financials.
In addition to any consultation procedures involving the
personnel's representative bodies that may be required, the
transaction remains subject to, amongst other things, the
completion of mutual due diligence to the satisfaction of both
parties, agreement on the terms of legal documentation, the
approval of the respective Boards of Schneider Electric and AVEVA,
AVEVA shareholder approval and relevant anti-trust and regulatory
approvals (if required). In accordance with the applicable law and
regulation of the United Kingdom, a more detailed public
announcement has been released today and is available on the AVEVA
and Schneider Electric websites as well as on the AMF (French
regulatory authority) website.
A further announcement will be made as and when appropriate.
About Schneider Electric
As a global specialist in energy management with operations in
more than 100 countries, Schneider Electric offers integrated
solutions across multiple market segments, including leadership
positions in Utilities & Infrastructure, Industries &
Machines Manufacturers, Non-residential Building, Data Centers
& Networks and in Residential. Focused on making energy safe,
reliable, efficient, productive and green, the Group's 170,000
employees achieved revenues of 25 billion euros in 2014, through an
active commitment to help individuals and organizations make the
most of their energy.
www.schneider-electric.com
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