The acquisition would become the largest transaction in the French conglomerate's history and strengthen its product capabilities for manufacturers.

According to people familiar with the matter, Schneider Electric is nearing a deal to acquire US engineering software provider PTC for approximately $20 billion, which would be the largest acquisition ever undertaken by the French industrial group.

The people said an agreement could be announced as early as Monday, though negotiations between the two companies are still ongoing and there is no certainty that a deal will ultimately be reached.

The potential transaction would bolster Schneider's software solutions capabilities, which help manufacturers design industrial products and establish engineering specifications.

US-listed PTC currently has a market value of $15.5 billion, meaning the anticipated deal would value the company at a considerable premium to its closing share price last Friday. So far in 2026, PTC shares have fallen 15.3%.

Schneider, which focuses on energy management and industrial automation, has seen its shares rise 28% this year and now has a market value of €175 billion, making it the third-largest listed company in France.

PTC was founded in Boston in 1985. In 2026, the US group expects revenue of up to $2.75 billion.

The acquisition of PTC would be far larger than Schneider's $11 billion purchase of UK-listed Aveva in 2023. That deal first helped the French group expand its presence in industrial software.

PTC's software products, including its design software Creo, would complement the capabilities Schneider gained through its acquisition of Aveva. These products provide software that can help design manufacturing plants and engineering processes.

Schneider's potential acquisition of PTC would be a rare large software deal at a time when transactions in the software industry have slowed markedly. M&A activity in the sector has cooled significantly as companies grapple with the impact of artificial intelligence on their business models.

The anticipated deal would also rank among the larger cross-border transactions of 2026. In the three months through the end of September, only 10 mega-deals worth more than $10 billion were struck globally.

Neither Schneider nor PTC immediately responded to requests for comment.

Schneider CEO Olivier Blum, who has been in the role for less than two years, told investors last year that the company would actively pursue acquisition opportunities, particularly software-focused deals that complement its industrial automation business.

In June, Schneider reached a $3.1 billion deal to acquire industrial data and AI provider Cognite. Last month, Schneider announced it would pay $1.4 billion to acquire Bulgarian technology company Shelly Group, which makes smart home devices.

Schneider supplies energy and technology services to chipmakers such as Nvidia and is one of the beneficiaries of the AI data center boom. Data center-related services currently account for about a quarter of Schneider's sales.