Business Standard

Aveva agrees £3-bn software deal with Schneider


France' s Sch enid er Electric will take a 60 percent stake in Britain' s Ave va after the pair agreed to combine at the third time of asking to create a software business worth about £3 billion ($3.9 billion ). Jean-Pascal Tricoire, chairman and CEO of Schneider Electric, said the combined company would be better placed to serve a wide range of industries and its enhanced capacity would also benefit investors. Completion of the deal, due around the end of theyear, will mark the end of independen­ce for the last $1 billion plus tech company founded in the university city of Cambridge, an area known as "Silicon Fen".

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