Schneider Electric to Buy Cognite For $3.1 Billion

(15:50 GMT) *Schneider Electric to Buy Cognite (15:50 GMT) *Schneider Electric Entered Into Definitive Agreement to Acquire Cognite (15:50 GMT) *Schneider Electric: This Is All-Cash Transaction Valued at $3.1B (15:51 GMT) *Schneider Electric: Cognite Is Provider of Industrial Data and AI Software (15:52 GMT) *Schneider Electric: Completion Subject to Closing Conditions (15:52 GMT) *Schneider Electric: Transaction Expected to Be Completed in Coming Quarters (16:14 GMT) Schneider Electric to Buy Cognite For $3.1 Billion

By Nina Kienle

Schneider Electric said it entered into a definitive agreement to acquire Cognite Holding in an all-cash transaction valued at $3.1 billion.

The French group on Tuesday said it intends to integrate the industrial artificial intelligence software company's data foundation into its own industrial software company, AVEVA.

"[The deal] positions Schneider Electric at the centre of the next phase of industrial intelligence," Chief Executive Olivier Blum said.

The transaction is anticipated to close in the coming quarters, after which Cognite will report within Schneider Electric's industrial automation division, it said.

Write to Nina Kienle at nina.kienle@wsj.com