Takeovers 

Aveva seals $5bn deal

Aveva seals $5bn deal

Having confirmed that it was in discussions over a potential acquisition earlier this month, Aveva (AVV) has announced that it will indeed purchase SoftBank (JP:9984)-backed OSIsoft for $5bn (£3.8bn). The deal will be funded through a $3.5bn rights issue to be launched later this year and $900m in cash and new debt facilities. The group is also issuing shares to OSIsoft’s founder and chief executive, Dr Patrick Kennedy, who will own around a 4 per cent stake in Aveva once the transaction is completed.

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