Schneider Electric confirms Bentley Systems talks (updated)

Bentley Systems

19/04/2024 08:54

(Adds details from third paragraph)
       PARIS, April 19 (Reuters) - Schneider Electric  SCHN.PA 
is in talks with U.S. engineering software producer Bentley
Systems  BSY.O  over a potential "strategic transaction", it
said on Friday without elaborating,  sending the French
company's shares down 2%.
    Reuters reported on Thursday that Bentley Systems, which has
 a market value of nearly $16 billion, was exploring options
including a sale after attracting acquisition interest.
    Schneider, which specialises in equipment to manage energy
supply to homes, industry and data centres, has sought to grow
its software business through acquisitions in recent years.
    In late 2022 it agreed a $11.9 billion deal for UK software
company Aveva Group after a prolonged battle with investors who
pushed for a higher price.
    A full takeover of Bentley Systems would be one of the
largest French acquisitions of a U.S. company in recent years,
though Schneider said talks were at a preliminary stage.
    Bentley Systems, which is controlled by the Bentley family
through a special class of shares, has formed a special
committee of its board of directors to explore options, sources
close to the matter have told Reuters.
    The options include an outright sale of the company as well
as a joint venture, they said.  
    Design software company Cadence Design Systems CDNS.O  has
also expressed interest in Bentley, one of the sources said.


 (Reporting by Dominique Patton
Editing by David Goodman)
 ((dominique.patton@thomsonreuters.com;))