With a deal of £3bn, UK Engineering Software firm Aveva is to merge with the software arm of French energy group Schneider Electric.
As per the deal, Schneider will take a majority stake in Aveva, which will retain its base in Cambridge and stay listed on the Stock Exchange.
With 1,700 employees worldwide, Aveva grew out of Cambridge University in the 1960s – pioneering 3D design. On the other hand, Schneider has been in the software business for more than 50 years.
After the news of merging came out Aveva’s shares rose to 27% to £24.38, valuing the firm at £1.56bn.
Notably, this is Schneider’s third attempt in three years to combine the companies. This is not the first attempt of Schneider to try to deal with Aveva, it has tried the same thing twice before. The most important thing is that both of the companies have many similarities like, both of these companies are based in Cambridge and are indeed jewels in the UK’s technology crown.