Hudson Sandler represents Aveva in £1.3bn Schneider Electric deal

Hudson Sandler is handling PR for Aveva, the global engineering software provider to the plant, power and marine industries, through its £1.3bn reverse takeover of Schneider Electric's industrial software assets.

Aveva yesterday confirmed that a reverse takeover deal had been agreed between the two parties, creating a business with combined revenues of £534m and underlying earnings of around £130m.

Aveva is listed on the London Stock Exchange and aims to continue to be on completion of the deal. Schneider Electric is listed on the Paris Stock Exchange.

Richard Longdon, CEO of Aveva, said: "The transaction will be transformational to Aveva, creating a global leader in industrial software, which will be able to better compete on a global scale. Through the acquisition of Schneider Software, Aveva will significantly expand its scale and product portfolio, diversify its end user markets and increase its geographic exposure to the US market, in line with our strategic goals."

The team at Hudson Sandler includes CEO Andrew Hayes plus Wendy Baker, Alex Brennan and Bertie Berger, and the firm is retained by Aveva.

Separately, Hudson Sandler also represents online gaming company 888 Holdings, which has also moved closer to a major acquisition. On Friday the board of rival agreed to 888 Holdings’ £898m cash and share offer for the firm.

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