In today's ExchangeWire news digest: France's Schneider Electric to acquire UK’s Aveva; Chinese regulators approve new tech ETFs days after they apply for approval; and Spotify launches a new audiobook offering in the US.
Aveva Group agrees to Schneider buyout
UK-based software firm Aveva Group is to be acquired by Schneider Electric in a £9.5bn deal. The French energy and automation company is Aveva’s major shareholder, and the deal will enable Schneider to acquire the remaining ~40% of the shares it does not currently own.
With around 4,000 staff already in the UK, Schneider has said that the Aveva takeover will allow “faster execution of Schneider Electric’s software growth strategy”.
China’s top security regulator approves tech ETFs within days
Chinese authorities have approved six niche-technology-themed exchange-traded funds (ETFs) mere days after the companies filed for regulatory approval. Bosera Asset Management, China Southern Asset Management, HuaAn Fund Management, Harvest Fund Management, China Asset Management, and Guotai Asset Management, received the green light from the China Securities Regulatory Commission to operate ETFs, highlighting China’s efforts towards cultivating a domestic high tech sector.
Spotify launches audiobook feature
Spotify now offers over 300,000 audio books from a host of independent authors and prolific publishers as the streaming giant aims to grow beyond music and podcasts.
Listeners will be able to purchase books on a pay-per-download basis, an offering similar to those from Apple and Google. Spotify’s audiobook feature launched in the US on Tuesday (20th September), and will eventually become available in other markets.
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Fact of the Day
180 million - the number of listeners who use Spotify Premium as of Q4 2021.