Schneider Electric is buying industrial software maker PTC in a $22.6 billion deal

France-based Schneider Electric is reportedly nearing a $20 billion acquisition of U.S. industrial software company PTC, according to a report from the Financial Times. Sources familiar with the negotiations suggest the deal could be announced as early as Monday, though talks are still ongoing and could potentially collapse. PTC, headquartered in Boston, has a market value of around $15.6 billion, as per LSEG data.

The company boosted its annual revenue forecast in July, citing robust demand for its industrial software and AI solutions. This potential acquisition would mark Schneider's latest effort to grow its software and digital divisions. In addition to the PTC deal, Schneider is also considering the purchase of Bulgarian smart-home equipment manufacturer Shelly Group.

The company is offering €70 per share for Shelly, which values the company at approximately €1.27 billion. Schneider's offer for Shelly includes a 4% premium over the share price before the announcement and is contingent upon securing at least 95% of the company's shares and obtaining regulatory approvals.