12/7/2022, 7:17 PM (Source: TeleTrader)
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UK gov't greenlights Schneider's $12B Aveva takeover

French industrial giant Schneider Electric SE is clear to proceed with the $12 billion acquisition of British information technology company AVEVA Group plc, the United Kingdom Department for Business, Energy and Industrial Strategy confirmed on Wednesday.

UK National Security and Investment Act empowers the government to scrutinize and intervene in qualifying acquisitions on national security grounds. "Following the screening of the notification, the Business Secretary has decided that no further action will be taken under the Act in relation to the acquisition," the government said.

AVEVA's shareholders approved the deal in November, transferring the ownership to Ascot Acquisition Holdings Limited, an indirect subsidiary of Schneider Electric, but confirming that the company will continue to operate under its own name and brand.

Baha Breaking News (BBN) / MX