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Schneider Electric (OTCPK:SBGSF) is in talks to take control of engineering software company Bentley Systems (NASDAQ:BSY) in a transaction that could be worth more than $15 billion.
The companies are conducting early-stage negotiations for a transaction in which Schneider could merge their companies software business with Bentley (BSY), according to A WSJ report last Thursday, which cited people familiar with the matter. Bentley would remain a public company in the deal.
Shares of family business Bentley (BSY) increased by 4% on Thursday, amid a Reuters report that the company was exploring a sale or other transaction amid takeover interest. Schneider Electric (OTCPK:SBGSF) and design software company Cadence Design (CDNS) are said to have expressed interest in Bentley. The Bentley family is not interested in an outright sale, according to the WSJ report.
The Bentley family controls the company through a special class of shares. According to the Reuters report, the company has formed a special committee on its board of directors to explore its options, including an outright sale or a joint venture.