Aveva to launch rights issues to partly fund OSIsoft acquisition

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StockMarketWire.com – Engineering and industrial software Aveva said it would launch a rights issue to raise gross proceeds of approximately £2.835 billion to partly fund the acquisition of OSIsoft, a global leader in real-time industrial data software and services.

The rights issue, expected to get underway on 25 November, will result in the issue of 125,739,796 shares of the company, with shareholders entitled to 7shares for every 9 shares owned at a price of £22.55 per share, representing a discount of 32.2%.

The acquisition will strengthen AVEVA’s position as a leader in industrial software, with combined pro forma revenue of c.£1.2 billion, the company said.

Aveva has already received antitrust approvals in several countries and expects to receive all antitrust and regulatory approvals in relation to the Acquisition (including approval from the Committee on Foreign Investment in the United States between December 2020 and February 2021.

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