Shares of Norway’s Aker ASA jumped roughly 7% on Wednesday after Schneider Electric said it would acquire industrial data and AI software company Cognite for $3.1 billion in cash. The agreement delivers a sizeable return to Aker, which helped establish and fund Cognite’s growth since its 2017 founding.
In Paris trading, Schneider Electric shares fell as much as 2.6% by 07:42 GMT. The deal calls for Schneider to purchase all of Cognite’s outstanding shares from Aker and other investors and to fold the company into Aveva, Schneider’s existing industrial software unit.
Aker said it expects to receive approximately $1.48 billion in cash proceeds from the sale, a figure that includes the settlement of an outstanding convertible loan tied to Cognite. Aker was an early backer of Cognite after helping to found the business in 2017 and supported its development through subsequent stages.
Strategic context
Schneider’s move demonstrates the company’s continuing push beyond traditional energy-management equipment and into software and services. The transaction pushes Schneider further up the technology stack by adding data and AI capabilities to Aveva’s industrial software offerings.
The deal also reflects a broader industry drive to incorporate artificial intelligence into factory operations. Companies across the industrial landscape are investing in automation and AI tools aimed at improving shop-floor efficiency and reducing costs. The article notes that rivals, including Siemens, have made similar moves into automation and AI for manufacturing applications.
Schneider has been diversifying its business mix for some time, increasingly providing power and cooling infrastructure to data centers - assets that support the global AI buildout. Acquiring Cognite extends that strategy into the software layer that can run on and optimize those infrastructures.
Market reaction and implications
- Aker shares rose sharply on the confirmation of the sale and the anticipated cash proceeds.
- Schneider shares initially declined in Paris after the announcement.
- The transaction underscores continued consolidation and investment in industrial AI and software.
Overall, the transaction signals a continued blending of industrial hardware, data services, and AI software as companies seek operational efficiencies. The acquisition is positioned as a strategic extension of Schneider’s existing software unit and its broader push into infrastructure supporting AI workloads.