- UK’s largest listed software firm in talks over full buyout
- Potential buyer Schneider Electric already owns 60% stake
- Multiple UK software companies have received takeover interest this year
Investors pushed Aveva’s (AVV) share price above £30 as speculation emerged that the engineering software company is closing in on a deal to be taken over. Reports suggest that the boards of Aveva and French industrial group Schneider Electric (SU:EPA) could announce a deal for Schneider to acquire the remaining 40% stake in Cambridge-based Aveva that it does not own within days.
Aveva is the UK’s largest listed software company valued at £9.2 billion after its shares rallied more than 3% on Tuesday (13 Sep) to £30.47. Discussions over a price of at least £30 per share are believed to be advanced.
At that price, a deal would value the 40% Aveva interest up for grabs at around £3.5 billion.
UK TECH UP FOR SALE
The UK’s tech space has seen multiple deals struck or discussed in recent months. Cybersecurity firm Avast (AVST), which owns the AVG and Avast consumer brands, recently received regulatory clearance for its takeover by US peer NortonLifeLock (NLOK:NASDAQ).
Enterprise software firm Micro Focus (MCRO) agreed to be taken over by Canada’s Open Text (OTEX:NASDAQ) in a $6 billion cash deal last month.
Healthcare tech firm Emis (EMIS), worth around £1.2 billion, is also in negotiations after receiving an offer from UnitedHealth (UNH:NYSE) of the US, while would-be buyers emerged for identity and anti-fraud software company GB Group (GBG:AIM) last week.
