September 5, 2017 / 6:20 AM / a year ago

BRIEF-Schneider Electric says combining software ops with Aveva

Sept 5 (Reuters) - Schneider Electric SE

* Schneider Electric says combining its industrial software business with Aveva

* Schneider Electric says its board of directors and Aveva group board have reached agreement on the terms and conditions of a combination of Aveva and Schneider Electric industrial software business

* Schneider Electric - combined entity will be a global leader in engineering and industrial software with combined revenues and adjusted EBITA of approximately £657.5 mi

* Schneider Electric - combination will create an enlarged Aveva group well-positioned to take advantage of future M&A opportunities building on its scale and comprehensive industry and lifecycle solution coverage

* Schneider electric - on completion, following the issue of ordinary shares in the capital of Aveva to Schneider electric, Schneider Electric will own 60 percent of the enlarged Aveva Group on a fully diluted basis

* Schneider Electric participants in the Aveva share plans will retain 40 per cent equity ownership (on a fully diluted basis)

* Schneider Electric the existing non-executive directors of Aveva will remain in place on completion

* Schneider Electric - enlarged Aveva group’s headquarters will continue to be located in Cambridge, United Kingdom

* Schneider Electric - enlarged Aveva Group’s relationship with Schneider Electric, as its majority shareholder, will be governed by a relationship agreement and the listing rules

* Schneider Electric - upon completion, the new company, with an accretive margin, is expected to be fully consolidated in Schneider Electric accounts within the industry division Further company coverage: (Reporting by Paris Newsroom)

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