Schneider Electric acquires 60 percent stake in AvevaStaff Writer | March 1, 2018
Schneider Electric announced the completion of the combination between Aveva and the Schneider Electric industrial software business.
Acquisition A global leader in engineering and industrial software
It will enhance the value proposition of Schneider Electric’s Industrial IOT platform (EcoStruxure) for industrial & infrastructure customers.
Following the closing of this transaction as per the terms set in the Aveva prospectus, Schneider Electric owns 60 percent of Aveva Group on a fully diluted basis.
Emmanuel Babeau, deputy chief executive officer and chief financial officer, and Peter Herweck, executive vice president – industrial automation, of Schneider Electric have been appointed as non-executive directors of Aveva Group, with Emmanuel Babeau additionally assuming the role of vice chairman.
Aveva will be fully consolidated in Schneider Electric accounts within the Industrial Automation division, with a full-year operational margin accretive to the Group. ■