September 22, 2022 | Technology | Europe | Active

Aveva / Schneider: Deal Insights


On 21-Sep-22, French energy management and automation conglomerate Schneider Electric agreed to buy the rest of Aveva in a deal that values the UK industrial software developer at £9.5bn (or £10.2bn including debt). Under the definitive terms, Schneider will pay Aveva shareholders 3,100p per share in cash for the remaining 40.86% it does not already own, representing a 41% premium to Aveva’s closing price on 23-Aug-22, the day before Schneider disclosed that it was considering making an offer. Under UK takeover rules, Schneider had faced a “Put Up or Shut Up” (“PUSU”) deadline of 21-Sep-22. The offer implies 13.2x enterprise value to annualised recurring revenue (“ARR”), 8.2x to trailing revenue, and 27.8x to trailing adjusted EBIT. Schneider confirmed that shareholders can keep any interim dividend



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