Slaughter and May is advising OSIsoft on its acquisition by AVEVA plc for an enterprise value of US$ 5 billion on a cash-free and debt-free basis. OSIsoft is a global leader in real-time industrial data software and services while AVEVA is a global leader in industrial software. OSIsoft was founded by Dr J. Patrick Kennedy 40 years ago and, as part of the transaction, Dr Kennedy will be receiving a portion of his consideration in new ordinary shares in AVEVA.
The acquisition constitutes a class 1 transaction for AVEVA under the Listing Rules of the FCA. AVEVA is funding the acquisition by a combination of a capital raise by way of rights issue, cash on balance sheet, new debt facilities and consideration shares. The combined circular and prospectus for the class 1 transaction and rights issue is expected to be published in October or early November 2020. Subject to AVEVA shareholder approval of the transaction and rights issue, and the satisfaction of anti-trust approvals, the transaction is expected to complete around the end of the year.
Slaughter and May is working closely with Fenwick & West LLP and is specifically advising on the UK law aspects of the acquisition and combined circular and prospectus.