Schneider Electric reported July 20 that it's agreed to combine some industrial software assets with Aveva, and pay £550 million to become the majority shareholder of an enlarged Aveva Group with combined revenues and adjusted earnings before taxes, interest and amortization (EBITA) of about £534 million and about £130 million, respectively. The two companies report the enlarged Aveva will:

• Create a global leader in industrial software with a portfolio of asset-management solutions from design-and-build to operations, which can address user needs along the full asset lifecycle;
• Unlock added value at Aveva and Schneider Electric with the potential for earnings and cost synergies by leveraging complementary end-markets, customer bases and product portfolios;
• Establish a best-in-class management team and increased brand profile for attracting further talent; and
• Realize the full value of the contributed industrial software assets.