France's Schneider Electric has agreed to buy Boston-based U.S. software company PTC in an all-cash deal at $205 per share, valuing PTC's equity at about $22.6 billion and implying an enterprise value of $23.7 billion — the biggest acquisition in Schneider's history.
The $205 price represents a 42.3 per cent premium to PTC's last closing price and 46.1 per cent to its 30-day volume-weighted average. The deal, expected to close by the third quarter of 2027, will be financed through a bridge facility from Morgan Stanley and Société Générale. Schneider expects €250 million in annual run-rate cost synergies by the third year and roughly €800 million in revenue synergies.
Chief executive Olivier Blum told investors that PTC's product-design and lifecycle-management software would strengthen Schneider's ability to deploy artificial intelligence across customers' industrial operations, calling data “a very critical layer” for extracting value from AI. Investors, however, were cautious: Schneider shares fell nearly 10 per cent in early Paris trading, wiping about €15 billion off its market capitalization after a 29 per cent year-to-date run-up, while PTC shares jumped 34.4 per cent in U.S. premarket trading.
The acquisition caps an aggressive buying spree: it follows Schneider's June agreement to buy data company Cognite for $3.1 billion in cash and last month's €1.2-billion acquisition of Shelly Group. Autodesk had pursued PTC in July 2025 before walking away from the deal.
