AVEVA boosted by takeover news

Shares in FTSE 100 software developer AVEVA Group (LON:AVV) have climbed by 6.95% to 4,633p (as of 15:40 BST) after announcing the acquisition of OSIsoft at an enterprise value of $5 billion. OSI is a specialist in real-time industrial data software and AVEVA said that the deal would strengthen its position as a global leader in the field. The deal is expected to be earnings accretive from the 2022 financial year onward.

CEO Craig Hayman commented: “The acquisition of OSIsoft is perfectly in line with our strategic vision and it will accelerate the Enlarged Group’s role in the digitisation of the industrial world, which is being driven by a need for sustainability, the industrial internet of things, Cloud, data visualisation and artificial intelligence. The acquisition will enable AVEVA to broaden and deepen its relationships with existing and new customers and bring a more comprehensive product portfolio to market“.