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UK's Aveva Group to buy OSIsoft for US$5 billion, including debt

REUTERS: Technology company Aveva Group said on Tuesday that it reached a deal to buy OSIsoft, a privately held maker of industrial software used to manage plants and factories, for an enterprise value of US$5 billion.

The British company said it would fund the deal using a combination of rights issues, cash on balance sheet and new debt, as well as issue shares to one of its selling shareholders.

The deal, which is expected to close at the end of the year, is expected to add to Aveva's earnings for the financial year ending March 2022, the company said.

Aveva also said its biggest shareholder Schneider Electric has committed to vote in favour of the deal and take part in the rights issue.

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil D'Silva)

Source: Reuters

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