Schneider Electric has acquired Aveva, one of the most prominent technology firms in the UK. Minority shareholders agreed to an €11.4 million takeover bid.
Schneider, which already controlled about 60 percent of Aveva, increased its acquisition bid earlier this month after several large investors threatened to reject the initial offer as “opportunistic”.
The acquisition was approved by 83 percent of shares voted at a court hearing on Friday, exceeding the required 75 percent barrier. With the bid accepted, only a few significant IT businesses remain listed in London.
Aveva shares rose 0.03 percent after the board announced its approval. In 2017, Schneider acquired a controlling stake in Aveva through a reverse takeover that allowed the UK-based software firm to retain its London listing.
During the acquisition’s initial announcement in September, Schneider said that Aveva would remain an independent business with “fully agnostic” software running with and without Schneider Electric hardware.
Aveva’s products are used to build and run oil rigs, ships and chemical plants, whereas Schneider’s portfolio includes electronic systems, energy management solutions and industrial automated systems.
Schneider has said that the acquisition of Aveva allows for a quicker implementation of its software growth plan.
Aveva will retain its Cambridge headquarters and an autonomous staff following the acquisition. Schneider plans to help the firm transition to a subscription-based model and wants to collaborate in areas such as research and development.