Schneider Electric Bids $22.6 Billion for PTC

An all-cash software deal

France's Schneider Electric has agreed to buy U.S. software firm PTC in an all-cash deal that values PTC's equity at about $22.6 billion, Reuters reported Monday.

PTC shares jumped 35.7 percent in premarket trading. The bid is the largest corporate move on a day when the broader market was set for a quiet open.

What Schneider is buying

PTC sells design and product-lifecycle software used by manufacturers. Schneider already sells the hardware and controls those factories run on. The deal pulls the software layer into the same group.

Closing still depends on regulators and PTC shareholders. The price reaction says traders expect the agreement to hold.