Schneider Electric, a powerhouse in power and automation infrastructure, is making a bold move to acquire Norwegian industrial artificial intelligence software company Cognite for $3.1 billion (approximately 4.8 trillion won). The deal marks a significant acceleration in Schneider’s push into the industrial AI market, as the company—which has already drawn attention for its AI data center power and cooling infrastructure solutions—now secures software capabilities that connect operational data from manufacturing, energy, and infrastructure sites to AI.
According to Bloomberg on the 1st, Schneider Electric has agreed to acquire a 100% stake in the privately held Cognite from existing shareholders, including Norwegian industrial investment company Aker ASA. The transaction is entirely in cash, with the acquisition process expected to close within the next few quarters. The $3.1 billion deal represents the largest M&A transaction ever for a Norwegian software or AI company and is considered one of the largest industrial software deals in European history.
Cognite is an industrial data platform company founded in 2017, with Aker leading its establishment and growth. The company specializes in integrating and organizing operational data generated from asset-intensive industries—such as energy, manufacturing, pharmaceuticals, and infrastructure—that operate complex equipment and processes, enabling its use for AI analysis and automation. In industrial settings, operational technology (OT) data from equipment, sensors, production lines, energy consumption, and maintenance history is often scattered across multiple systems. Without proper organization of the relationships and context between these data points, AI applications such as predictive maintenance, process optimization, and energy efficiency remain limited. Cognite has gained market attention for its technology that connects this data at the equipment, process, and asset level, making it immediately usable for AI analysis and automation.
Schneider plans to combine Cognite with AVEVA, a subsidiary it fully acquired in 2023. AVEVA provides industrial software, digital twin, process management, and asset operations solutions. Through this acquisition, Schneider will layer Cognite’s data and AI platform on top of AVEVA’s industrial software, enabling integrated services that analyze data from factories, energy facilities, and data centers to improve power usage and equipment operational efficiency. This move reflects the assessment that on-site data utilization capabilities—beyond simply applying AI models—are becoming the core of industrial AI competition.
Olivier Blum, CEO of Schneider Electric, stated, “Cognite has built a truly industrial-grade AI platform. With this acquisition, we will be at the center of the next phase of industrial intelligence.”
Aker ASA, Cognite’s early investor and largest shareholder, will realize substantial investment returns from this transaction. The company expects a cash inflow of approximately $1.48 billion (about 2.3 trillion won), including the settlement of outstanding convertible bonds. Based on a USD/NOK exchange rate of 9.92, this amounts to roughly 14.7 billion Norwegian kroner, representing a value increase of approximately 100 kroner per share relative to Aker’s reported net asset value at the end of the first quarter of 2026, the company explained.
Øyvind Eriksen, CEO of Aker ASA, said, “This transaction clearly demonstrates the value created in Cognite and how Aker builds and realizes value through active, long-term ownership. Cognite now secures a strong industrial owner with global reach, while Aker gains capital for new investments.”
The acquisition is viewed as providing Schneider with a critical opportunity to expand its business from power and automation equipment into industrial data and AI software. Having already absorbed demand for power supply, distribution, cooling, and energy management solutions driven by the proliferation of AI data centers, Schneider can now incorporate industrial site operational data into its business scope, building an integrated portfolio that spans physical infrastructure and digital AI analytics. Schneider previously signed $2.3 billion in contracts with U.S. data center operators Switch and Digital Realty to supply power and cooling systems specialized for AI workloads, noting at the time that existing infrastructure could not handle AI’s energy demands.
The growing adoption of AI among European manufacturers also supports Schneider’s strengthening of its industrial software capabilities. Demand for digital twins, predictive maintenance, process automation, and energy optimization is rapidly increasing at manufacturing sites seeking productivity improvements and cost reductions. With competitors such as Siemens also reinforcing the integration of production site automation and AI, Schneider’s acquisition of Cognite positions the company to compete with a portfolio that simultaneously offers power management, automation, industrial software, and data platforms.
However, given the substantial $3.1 billion all-cash nature of the deal, Schneider faces increased pressure to demonstrate integration results. How quickly Cognite’s industrial data platform can be combined with AVEVA’s product suite, and how effectively it can be cross-sold to Schneider’s existing customer base, will determine the future earnings contribution. The transaction remains subject to customary closing conditions and regulatory approvals, with a specific completion timeline yet to be disclosed.