After confirming last April that it is in discussions to create a “potential strategic transaction” with software company Bentley Systems, Schneider Electric has confirmed that it will not be completing the deal.
In a statement to Reuters, Schneider said, “Those discussions are now mutually terminated and no transaction was agreed upon.”
Bentley Systems is a Pennsylvania-based software specialist that has a market value of nearly $16 billion. It describes itself as “an innovative software company to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities.” The deal would have been the biggest in Schneider’s history, and the second largest deal ever where a French company acquired a U.S. company, trailing only Sanofil’s $19.1 billion acquisition of drug company Genzyme Corp. in 2011.
The potential deal would have been a return to public markets for Schneider’s software business. Back in 2017, Schneider agreed to merge with British software company Aveva, with Schneider placing its software assets into Aveva in exchange for a cash payment and 60% off the company. Schneider took full control of Aveva in January of 2023.
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