The headquarters of the UK software company will remain in Cambridge, Schneider Electric says.
A UK industrial software company has agreed to a full buyout by a French energy and automation company.
The deal is due to be completed in 2023, with Schneider Electric buying about 40% of the shares it does not already own.Aveva, a FTSE 100 company, has more than 6,400 employees. The French company said taking full ownership of Aveva would help the business grow by combining its own energy proposition with Aveva's process data and software.
Philip Aiken, Aveva's chairman, said: "Schneider Electric has been a supportive shareholder and partner in the strategic development of Aveva since 2018, most recently in the acquisition of Osisoft, and I am confident that Schneider Electric will continue to build on that legacy."