‘The acquisition of PTC represents an important step forward in our ambition to lead the new era of energy and industrial intelligence,’ Schneider CEO Olivier Blum said.

French conglomerate Schneider Electric is to acquire US engineering software provider PTC at an equity value of around $22.6bn.

PTC shareholders will receive $205 per share in cash, representing a 42.3pc premium to PTC’s last closing price, according to Schneider, and an implied enterprise value of $23.7bn.

“As industrial AI moves beyond digital applications and is increasingly embedded in physical products and machines, processes and energy systems, new opportunities are emerging across the life cycle,” Schneider said.

The acquisition of PTC, according to Schneider, aims to create a “leading, scaled, open and interoperable industrial software and AI franchise” by “driving business outcomes for customers from any system of design, control, data and intelligence”, and bridging the “physical and digital worlds across the life cycle”.

The energy services giant said conclusion of the transaction is expected by Q3 2027, subject to customary closing conditions.

“The acquisition of PTC represents an important step forward in our ambition to lead the new era of energy and industrial intelligence,” Schneider CEO Olivier Blum said.

“By connecting and contextualising data across the life cycle of products and assets, we will create a unique digital thread for the next generation of industrial AI, helping customers to optimise their systems with greater intelligence from design and build to operate and maintain.”

According to the Financial Times, the deal for Boston-based PTC is Schneider’s largest takeover to date, while the energy group is currently France’s third-largest listed company at a value of around $196bn.

Neil Barua, president and CEO of PTC, said: “PTC provides the software the world’s leading manufacturers and product companies rely on to design, build and maintain great products and unlock more value from their product data in an increasingly AI-driven world.

“Joining Schneider Electric is an incredible opportunity to elevate the scope and impact of what we deliver for our customers globally.”

In July, the French conglomerate agreed to acquire industrial data and AI software company Cognite in an all-cash transaction worth $3.1bn.

Schneider Electric will announce its Q3 2026 financial results on 16 October.

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