Schneider Electric agrees to buy PTC for $205 a share, $23.7 billion including debt

Schneider Electric and PTC announced on October 5, 2026 that they signed a definitive agreement under which Schneider will buy PTC for $205 per share in cash. PTC's release puts the equity value at about $22.6 billion (€20.1 billion) and the enterprise value, which adds debt and removes cash, at $23.7 billion (€21.1 billion). The price is a 42.3% premium to PTC's last closing price and a 46.1% premium to its 30-trading-day average price before the announcement.

Schneider states the multiple two ways: 21 times adjusted EBITA for 2027 as estimated, or 13 times if the full run-rate synergies are counted. It expects €250 million of annual cost synergies by the third year and about €800 million of revenue synergies. These are Schneider's own estimates. For 2025 PTC reported revenue of €2.4 billion, excluding two product lines, and an adjusted EBITA margin of about 40%.

Schneider plans to pay about €22 billion in cash. It has a committed bridge loan from Morgan Stanley and Société Générale, expects to raise about €5 billion to €6 billion through a share sale, and about €16 billion to €17 billion in new debt. Both boards approved the deal unanimously. Closing is expected by the third quarter of 2027 and needs approval from holders of a majority of PTC's shares at a special meeting, plus regulatory approvals.

Schneider's stated reason is to extend its software from running assets into designing the products those assets make, using PTC's design and lifecycle tools. The release does not say what happens to the PTC name, management structure or headquarters.