Schneider Electric Agrees to Buy PTC for $22.6 Billion in Its Largest Acquisition

France’s Schneider Electric has announced an agreement to acquire US industrial software company PTC Inc. for about $22.6 billion, marking the largest acquisition in its history.

The deal is part of Schneider’s effort to expand its presence in artificial intelligence and capitalize on rapidly growing demand for digital and industrial solutions.

The proposed acquisition would bring PTC’s industrial software business into Schneider’s portfolio, broadening the French company’s reach in a sector central to its expansion plans.

The announcement concerns an agreement to acquire PTC, rather than a completed transaction. The brief provided no details on the timetable for closing or the terms beyond the approximate deal value.