Aker ASA – Agreement to sell Cognite to Schneider Electric
Aker ASA (“Aker”) and the other shareholders of Cognite have entered into an agreement to sell 100 percent of the shares in Cognite Holding B.V. (“Cognite”) to Schneider Electric based on an enterprise value of USD 3.1 billion. The transaction will be the largest Norwegian software and AI exit to date and ranks among the largest industrial software transactions in Europe. It reflects the increasing industrial relevance of AI and data-driven solutions across capital-intensive sectors.
Key transaction terms:
- Enterprise value: USD 3.1 billion
- Estimated cash proceeds to Aker (including settlement of outstanding convertible loan): USD 1.48 billion (equivalent to NOK 14.7 billion at USD/NOK 9.92)
- The transaction proceeds to Aker represents an uplift to the reported Net Asset Value (NAV) per Q1 2026 of NOK 7.4 billion or approximately NOK 100 per share
“This transaction clearly demonstrates the value created in Cognite and how Aker builds and realizes value through active, long-term ownership. Together with our co-shareholders and Cognite employees, we have developed Cognite into a global industrial data and AI company,” says Øyvind Eriksen, President and CEO of Aker ASA and he continues:
“Cognite gains a strong industrial owner with global reach and a strong position in energy management, automation, and industrial software. Together, this creates a highly complementary platform with a broad software offering, a large international customer base and a unique opportunity to build a European “AI for industry champion”. At the same time, Aker releases capital for new investments. AI will remain a key priority for Aker, including through Nscale and Aize,” says Eriksen.
Olivier Blum, Schneider Electric CEO, commented: “Cognite, together with Aker, has built something rare; a truly industrial-grade AI platform that turns the complexity of operational data into competitive advantage. I have been extremely impressed by the world-class technology team and am convinced their unique AI expertise will be a catalyst in advancing intelligence across Schneider Electric’s portfolio.”
Cognite was established by Aker, John Markus Lervik, Geir Engdahl and Stein Danielsen in 2017 and has since grown significantly and developed into a leading global provider of industrial data and AI platform technology. Through active ownership, industrial expertise, strategic partnerships, and capital commitments, Aker together with Aramco, Accel and TCV have contributed to scale Cognite from an early-stage company into a global technology company with customers across sectors including energy, manufacturing, pharmaceuticals, and infrastructure.
The combination of Cognite’s industrial data platform with Schneider Electric’s global software footprint and industrial customer base is expected to provide an enhanced foundation for accelerating the development and deployment of AI-based solutions across industrial applications.
As per Q1 2026, Aker’s equity ownership stake in Cognite was reported at NOK 6.7 billion of Aker’s Net Asset Value (NAV). The reported value reflects the third-party transaction with TCV in 2021 (at the then prevailing USD/NOK currency rate), subsequently re-confirmed by the Aramco transaction in 2022. In addition, Aker’s NAV per Q1 2026 included NOK 0.62 billion in an outstanding convertible loan to Cognite which will be converted to equity and settled as part of the transaction. The transaction demonstrates a significant value realization for Aker with total cash proceeds of approximately USD 1.48 billion (corresponding to NOK 14.7 billion at USD/NOK 9.92) for its fully diluted ownership stake in Cognite, equivalent to approximately 20x invested capital. The transaction is subject to customary regulatory approvals.
The transaction considerably strengthens Aker’s financial position and investment capacity. Aker remains focused on developing investment opportunities across AI, industrial software, and AI infrastructure, including through existing portfolio holdings such as Nscale and Aize.
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About Cognite
Cognite is a global provider of industrial data and AI platforms that enable improved efficiency, cost reductions, and better decision-making in capital-intensive industries. Its technology is used by leading industrial companies to leverage operational data in real time.
About Schneider Electric
Schneider Electric (EPA: SU) is a global technology company in energy management, automation, and digitalization. The company provides software and digital solutions for managing energy and industrial operations. Its fully owned subsidiary, AVEVA, is the group’s industrial software platform, developing solutions for design, operation, and optimization of complex industrial assets.
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