Britain’s Aveva to tie-up with Schneider Electric in software deal

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LONDON (Reuters) – British engineering software company Aveva Group said on Tuesday it had agreed to combine with Schneider Electric’s software business, creating a London-listed software firm worth more than 3 billion pounds.

France’s Schneider will take a 60 percent stake in the enlarged group under the terms of the deal, which is structured as a reverse takeover.

Details of the deal – the third attempt by the two companies to combine – were reported late on Monday.