Artificial Intelligence▲impact 4
Schneider Electric to acquire Cognite in $3.1 billion all-cash deal
Schneider Electric has agreed to acquire Cognite in a $3.1 billion all-cash deal, expanding its position in industrial data and AI software. The company will buy 100% of Cognite's share capital from Norway's Aker ASA and other investors. Schneider CEO Olivier Blum said the company plans to combine Cognite with Aveva, its existing industrial software business. Aker expects about $1.48 billion in cash proceeds from the transaction, including settlement of an outstanding convertible loan, with completion expected in coming quarters.