Schneider to Buy Aveva in £9.5 Billion Industrial Software Deal

Schneider Electric SE agreed to buy out minority shareholders in Aveva Group Plc in a deal that values the UK industrial software company at £9.5 billion ($10.8 billion), the latest foreign takeover of British tech company.

Schneider will pay £31 per share, the company said in a statement on Wednesday, confirming an earlier Bloomberg News report. Under the terms of the deal, the company, which already owns 59.14% of Cambridge, England-based Aveva, will pay about £3.87 billion for the remaining equity.

Read More: Schneider Is Said to Near £9.4 Billion Aveva Buyout Deal

Jean-Pascal Tricoire

Photographer: Hollie Adams/Bloomberg

Schneider Chief Executive Officer Jean-Pascal Tricoire ...