Schneider Electric (SBGSY) 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, giving Schneider another potential growth lever as manufacturers push deeper into automation and artificial intelligence.
Cognite has built an industrial-grade AI platform focused on turning complex operational data into a competitive advantage. Schneider CEO Olivier Blum said the company plans to combine Cognite with Aveva, its existing industrial software business, which could strengthen Schneider's software stack as European manufacturers increasingly deploy AI across factory operations.
The deal comes as Schneider's shares have risen 26% over the past year to record levels, supported by investor interest in companies tied to the AI infrastructure buildout. Aker expects about $1.48 billion in cash proceeds from the transaction, including settlement of an outstanding convertible loan, while completion is expected in coming quarters.