Schneider Electric has announced it has reached a preliminary, non-binding agreement with AVEVA Group on the key terms and conditions of a combination of selected Schneider Electric industrial software assets and AVEVA.
According to Schneider Electric, it is expected that the proposed transaction would complete the following:
1. Create a global leader in industrial software, with a unique portfolio of asset management solutions from design and 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.
4. Realize the full value of the contributed industrial software assets.
Schneider Electric has noted a further announcement will be made on the Schneider Electric and AVEVA agreement.