Schneider Electric SE said Monday it has agreed to acquire PTC Inc. in an all-cash transaction at $205 per share, valuing the Boston industrial software company’s equity at approximately $22.6 billion (€20.1 billion).
The offer implies a $23.7 billion enterprise value and represents a 42.3% premium to PTC’s last closing price and a 46.1% premium to its previous 30-trading-day volume-weighted average price, according to a joint announcement from the companies. PTC shareholders would receive $205 in cash per share, without interest, subject to withholding taxes.
Schneider Electric said the deal will be funded with roughly €5 billion to €6 billion of new equity and about €16 billion to €17 billion of new debt, backed by a committed bridge facility from Morgan Stanley and Société Générale. The French group expects about €250 million of annual run-rate cost synergies by year three and roughly €800 million of revenue synergies, and it targets closing by the third quarter of 2027.
PTC, which sells CAD, product lifecycle, application lifecycle and service lifecycle software to more than 30,000 customers, generated €2.4 billion in calendar 2025 revenue with about a 40% adjusted EBITA margin, Schneider Electric said. Chief executive Olivier Blum called the combination “the industry’s most complete Software & AI powerhouse,” while PTC chief executive Neil Barua said the all-cash deal delivers “certain and compelling value” to shareholders.
Both boards unanimously approved the merger; PTC’s board recommended that shareholders approve it. Closing still requires approval by holders of a majority of PTC’s outstanding shares and required regulatory clearances, including U.S. antitrust waiting-period and foreign-investment reviews under the Hart-Scott-Rodino Act and CFIUS, according to PTC’s merger filing summaries.
In early Paris trading, Schneider Electric shares fell nearly 10% as investors weighed the premium and financing, Reuters reported; PTC jumped more than 34% in U.S. premarket trading. Schneider Electric said it will bring forward its third-quarter 2026 revenue release to Oct. 16.