Aveva: stock soars after agreement with Schneider Electric.
(CercleFinance.com) - The Aveva share is soaring over 24% this morning on the London Stock Exchange after the British engineering group finally agreed on an alliance with the French group Schneider Electric.
The company Aveva will continue to exist in a new form and will remain listed on the London Stock Exchange. However, before that, Schneider will have taken control of it, with a 60% stake (i.e. a value of 1.7 billion pounds), thanks to a reserved capital increase. In addition, Schneider will pay Aveva 550 million pounds in cash, and will contribute its related businesses.
Therefore, the new Aveva will become "a world leader in industrial and engineering software". The Group's new consolidation scope would have generated 657.5 million pounds in sales and 145.8 million pounds in EBITA over the 12-month period to end-March 2017.
Copyright (c) 2017 CercleFinance.com. All rights reserved.