Aveva buying OSIsoft for $5 billion


    said it’s buying OSIsoft for $5 billion in a mostly cash deal to expand its position in industrial software. Aveva is buying the company that’s 53% held by its founder and 45% held by SoftBank
    to create a company with revenue of about £1.2 billion and Adjusted EBIT of around £330 million, or a 28% margin. Aveva shareholder Schneider Electric
    which holds 60% of the U.K. company, is voting for the deal and will participate in the $3.5 billion sale of discounted shares, or rights issue, to fund the acquisition. OSIsoft’s founder, Dr. J. Patrick Kennedy, will become chairman emeritus and hold roughly 4% of the combined company.

    Luminar is going to become publicly traded by merging with a special purpose acquisition company, or SPAC. Luminar isn’t an electric-vehicle company. It enables autonomous driving.

    Steven Goldstein is based in London and responsible for MarketWatch’s coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch’s economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.

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    SOURCE: https://www.w24news.com



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