Schneider Electric SE agreed to take control of Aveva Group Plc by combining the companies’ industrial software units and creating a business that helps design and operate engineering projects from nuclear power plants to diesel engines.

French manufacturer Schneider will own 53.5 percent of the enlarged entity, the two companies said in a statement Monday. Britain’s Aveva will receive 550 million pounds ($858 million) from Schneiderand in return issue new shares to the French company. Aveva rose as much as 32 percent in London trading, the most in almost nine years.

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