Schneider Electric has closed the previously announced deal to take full ownership of UK-based industrial software company AVEVA for £31 per share in cash.

The deal, which was announced in September 2022, valued 100% of AVEVA at £9.48bn. Prior to it, Schneider Electric had a 59.1% stake in the British industrial software company.

AVEVA’s software is designed to bring efficiency and lower costs for its customers. The company offers a Digital Twin for the entire asset lifecycle from engineering to operations and maintenance across diverse industries around the world.

AVEVA is now a fully-owned and part of Schneider Electric and its business autonomy and future investment in research and development are expected to be preserved.

Peter Herweck — AVEVA CEO said: “The needs of the industrial world are becoming ever more complex. But the opportunities to create competitive advantage, value and sustainability through digital transformation have never been more compelling.

“AVEVA is now optimally placed, with the collaboration not just of Schneider Electric but all its partners, to drive innovation, change and value for its customers.”

  AVEVA, digital transformation, Peter Herweck, Schneider Electric, United Kingdom