AVEVA Awaiting US Approval For 2018 Schneider Electric Deal Completion
Posted by Schneider Electric on December 16th, 2017
AVEVA Group PLC said Friday its combination with the Schneider Electric industrial software business is only awaiting US regulatory approval to close the deal.
The FTSE 250-listed industrial software maker said the deal had received all regulatory clearance to complete the acquisition except for the approval of the Committee on Foreign Investments in the United States.
AVEVA explained the CFIUS review procedure was still "ongoing". It added it did not expect any "substantive" concerns to be raised.
Despite this, AVEVA did not expect approval before "very late" December at the earliest. Approval may extend as late as mid-February, however.
"Therefore," AVEVA said in a statement, "it is expected that completion of the combination will occur at the end of the month of January or February 2018, subject to any unforeseen delays in the CFIUS approval process."
As a result of this, in order to comply with London Stock Exchange listing rule 6.1.3R, AVEVA anticipate publishing a supplementary prospectus in January which will include results for Schneider Electric industrial software business for the six months ended September 30.
AVEVA added the process of selecting a chief executive officer for the enlarged group was continuing with an announcement due as soon as practicable.
AVEVA also announced the UK tax authority - HM Revenue & Customs - had taken the view that the company's proposed GBP650 million B share scheme return of value should be treated as a distribution and thus taxed as income.
"AVEVA intends to have further discussions with HMRC on this matter but considers it appropriate at this stage to draw the uncertainty over the tax treatment of the Return of Value to the attention of its UK shareholders", the company said.
About Schneider Electric
Schneider Electric is the global specialist in energy management and automation. With revenues of ~€25 billion in FY2016, our 144,000 employees serve customers in over 100 countries, helping them to manage their energy and process in ways that are safe, reliable, efficient and sustainable. From the simplest of switches to complex operational systems, our technology, software and services improve the way our customers manage and automate their operations. Our connected technologies reshape industries, transform cities and enrich lives. At Schneider Electric, we call this *Life Is On*. Schneider Electric is the worldwide expert in energy administration and automation. With incomes of ~€25 billion in FY2016, our 144,000 representatives serve clients in more than 100 nations, Schneider Electric helping them to deal with their energy and process in ways that are protected, dependable, productive and practical. From the least difficult of changes to complex operational frameworks, Schneider Electric innovation, programming and administrations enhance the way our clients oversee and computerize their operations. Schneider Electric associated advancements reshape businesses, change urban communities and advance lives. At Schneider Electric, we call this Life Is On. Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. We provide integrated efficiency solutions, combining energy, automation and software. In our global Ecosystem, we collaborate with the largest Partner, Integrator and Developer Community on our Open Platform to deliver real-time control and operational efficiency. We believe that great people and partners make Schneider a great company and that our commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment.
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