Home / World News / UK's Aveva Group to buy OSIsoft for US$5 billion, including debt

UK's Aveva Group to buy OSIsoft for US$5 billion, including debt

About $4.4 billion of the deal will be paid in cash, funded by the balance sheet and a $3.5 billion rights issue, Cambridge, England-based Aveva said in a statement

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Aveva beat out several other industrial bidders for San Leandro, California-based Osisoft, including Emerson Electric Co., Bloomberg reported previously

Amy Thomson and Ruth David | Bloomberg

3 min read Last Updated : Aug 26 2020 | 2:41 AM IST

Aveva Group Plc has agreed to buy Osisoft in a deal that gives the SoftBank Group Corp.-backed industrial software maker an enterprise value of $5 billion.

About $4.4 billion of the deal will be paid in cash, funded by the balance sheet and a $3.5 billion rights issue, Cambridge, England-based Aveva said in a statement on Tuesday. The remainder will be funded with debt. Osisoft is jointly owned by SoftBank’s Vision Fund and founder and Chief Executive Officer J. Patrick Kennedy’s family.

There are more deals to come as industrial companies shift toward software-based automation that helps factories and machinery

Topics : UK

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