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Talks between Schneider and Bentley on possible transaction end without agreement

  • Talks between Schneider and Bentley on possible transaction end without agreement
    2023 Year in Infrastructure and Going Digital Awards. Briefing with Bentley's executives.

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The shares of Bentley Systems dropped by over 7% on Wednesday following the announcement by Schneider Electric that discussions regarding a potential strategic transaction have ended.

Last April the French company had confirmed it was engaged in discussions with Bentley Systems with regards to a potential strategic transaction, while it refrained from providing further details.

Yesterday’s announcement by Schneider Electric said those discussions “are now mutually terminated and no transaction was agreed upon”. The company states it remains focused on its consistent capital allocation priorities. "Regarding inorganic development, the Group maintains that it will remain agile and opportunistic", said the announcement, reiterating “the need for a disciplined approach to value creation for stakeholders in any potential strategic transaction".

At closing time yesterday shares were valued at $53.25 and were down by 6.12%, a significant decline from the recent peak of over $57 per share, the highest level the stock had reached since November 2021, fueled by the optimism surrounding the potential deal.

Schneider, known for its expertise in energy management, has been expanding its software business, highlighted by the $11.9 billion acquisition of Aveva Group. Bentley Systems, predominantly controlled by the Bentley family and with a market value close to $16 billion, was exploring options following interest from potential acquirers; the company recently announced leadership changes, with Nicholas Cumins set to become CEO.

Bentley Systems provides software for engineering and construction projects, including in the water sector, offering solutions for water and wastewater infrastructure. Schneider Electric, a key player in digital solutions for energy and resource management, has been enhancing its capabilities through AI initiatives and collaborations, such as its partnership with Suez for digital water management solutions.

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