Aveva confirms talks to buy OSIsoft

Aveva Group confirmed recent media reports that it has entered into discussions to acquire industrial software group OSIsoft.

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The statement came after Bloomberg reported the two were in talks regarding a deal that could value the target at USD 5.00 billion.

Citing people familiar with the matter, the news provider said the potential buyer is in exclusive talks to buy the target and an announcement could be made in the coming weeks.

Aveva cautioned there can be no guarantee the negotiations will lead to an agreement and a further statement will be made as and when appropriate.

The company prevailed in an auction that included several other industrial bidders, the insiders noted, asking not to be named as the situation is still private.

However, the sources cautioned that no final decision has been made at this time.

OSIsoft is partly owned by Softbank, which began exploring a sale of its stake in the company in a deal that could be worth around USD 1.50 billion, Bloomberg reported in May.

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At the time it was suggested the Japanese owner is working with a financial advisor to offload the interest as part of plans to raise cash.

Representatives for Aveva, OSIsoft and Softbank declined to comment when contacted by the news provider.

The target sells software for use in the oil and gas, utilities, manufacturing and pharmaceutical development sectors.

OSIsoft has supported over 225 interfaces to ensure comprehensive data collection from any source, while retaining 90.0 per cent of its customers since 1980.

It has a 20,800 installed base in more than 127 countries, across nine languages.

Aveva combined with Schneider Electric’s industrial software arm in 2018.

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