Schneider Electric Agrees to Buy Boston's PTC for $22.6 Billion in Cash

Schneider Electric agreed on Monday to buy PTC Inc., the Boston maker of industrial design and engineering software, for $205 a share in cash. The offer values PTC's equity at about $22.6 billion, and the company at $23.7 billion once debt and other liabilities are counted — a 42.3% premium to PTC's last close of $144.03, and 46.1% above the previous thirty trading days' volume-weighted average price. Both boards approved it unanimously. The companies expect to close in the third quarter of 2027, subject to a majority vote of PTC's shareholders and regulatory approval. 1

PTC was founded in May 1985 as Parametric Technology and is headquartered at 121 Seaport Boulevard in Boston. Its software is what manufacturers design in: Creo, a computer-aided design system, and Windchill, which keeps the product lifecycle record. More than 30,000 customers use it, in automotive, medical technology, electronics and high tech, aerospace and defense. "This all-cash transaction is the culmination of the PTC Board's commitment to maximize shareholder value," chief executive Neil Barua said in the announcement. 12

Schneider is a French energy-technology group based at Rueil-Malmaison, with 160,000 employees and operations in more than 100 countries. It already owns AVEVA, the industrial software house, and its proposed acquisition of Cognite, an industrial-AI data company, is still pending. Schneider says the combination would take software and services to about 24% of group revenue, with 15,000-plus software employees and 50,000-plus software customers, and would expand its industrial-software market about threefold. It projects €250 million of annual cost synergies by year three and roughly €800 million of revenue synergies. 13

The cash comes from a fully committed bridge facility of about €22 billion provided by Morgan Stanley and Société Générale, which Schneider expects to replace with roughly €5–6 billion of new equity and €16–17 billion of new debt. 1

The market did not cheer. Schneider's own shares fell more than 7% on Monday. PTC's stock had fallen about 30% over the previous twelve months, leaving it with a market value of around $15.6 billion before the bid. Autodesk pursued PTC in July 2025 with a cash-and-stock transaction and then dropped it for smaller acquisitions. 34

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