Schneider Electric nears deal to buy industrial software group PTC for $20bn

Schneider Electric is closing in on a roughly $20bn takeover of US engineering software provider PTC in a deal that would be the French industrial conglomerate’s largest acquisition ever, according to people familiar with the matter.

An agreement could be announced as soon as Monday, although discussions between the two companies were ongoing and there was no certainty they would result in a deal, the people said.

The potential transaction would boost Schneider’s offering of software solutions that can aid manufacturers with designing industrial products and engineering specifications.

US-listed PTC has a market capitalisation of $15.5bn, meaning the anticipated deal would value the target company at a sizeable premium to its closing share price on Friday. PTC’s shares have fallen 15.3 per cent so far in 2026.

Shares in Schneider, which specialises in energy management and industrial automation, are up 28 per cent this year, giving it a market capitalisation of €175bn. It ranks as France’s third-largest listed company.

PTC was founded in Boston in 1985. In 2026, the US group is expecting to generate up to $2.75bn in revenues.

Buying PTC would far eclipse Schneider’s $11bn takeover of UK-listed Aveva in 2023, which first helped to extend the French group’s reach into industrial software.

PTC’s software, including design product Creo, would complement capabilities secured through the acquisition of Aveva, whose products provide software to help design manufacturing plants and engineering processes.

Schneider’s potential acquisition of PTC would mark a rare cross-border software transaction amid a marked slowdown in dealmaking in the sector as companies grapple with the implications of AI for their business models.

Schneider and PTC did not immediately respond to requests for comment.

Schneider’s chief executive Olivier Blum, who is less than two years into the top job, told investors last year that the company would be active in pursuing acquisitions.

In June, Schneider struck a $3.1bn deal to buy industrial data provider Cognite.