Schneider Electric Signs All-Cash Deal for PTC at $205 a Share — ~$22.6B Equity, $23.7B EV
Schneider Electric and PTC signed a definitive agreement on Oct. 5 for Schneider to buy PTC for $205 per share in cash — about $22.6 billion of equity value (€20.1 billion) and $23.7 billion enterprise value, a 42.3% premium to PTC’s last close. Financing is a Morgan Stanley / Société Générale bridge to be refinanced with roughly €5–6 billion of equity and €16–17 billion of debt. Closing is targeted by Q3 2027, subject to PTC shareholder and regulatory approval. Schneider’s shares fell about 4.7% on Tradegate before the open.
Updated October 5, 2026: Sunday’s reported ~$20 billion talks became a signed deal. Schneider Electric and PTC announced a definitive all-cash agreement at $205 per share — about $22.6 billion of equity value and $23.7 billion enterprise value — above the ~$20 billion figure in Sunday’s FT/Reuters reports.
The rumor became a contract, priced roughly $2.6 billion above the ~$20 billion FT/Reuters figure that circulated on Oct. 4. A company that got rich selling power and cooling into AI data centers is spending that windfall on industrial design and PLM software — and pitching the combination as an “Energy and Industrial Intelligence” franchise built on a contextualized AI Data Foundation, alongside AVEVA and the pending Cognite acquisition.
What was signed#
On October 5, 2026 (07:00 CEST), Schneider Electric and PTC said they had signed a definitive agreement under which Schneider will acquire 100% of PTC for $205 per share in cash. The companies’ joint release values PTC equity at approximately $22.6 billion (€20.1 billion) and implies an enterprise value of $23.7 billion (€21.1 billion) — a 42.3% premium to PTC’s last closing price and a 46.1% premium to the prior 30-trading-day volume-weighted average.
Both boards unanimously approved the deal. Closing is anticipated by Q3 2027, subject to customary conditions including approval by PTC shareholders holding at least a majority of outstanding shares and required regulatory approvals. The PTC board resolved to recommend that shareholders approve the merger agreement.
Reuters, carried by The Star, calls it Schneider’s biggest deal ever and notes France’s third-highest-valued listed company by market capitalisation (LSEG).
Financing and synergies#
Total cash consideration of about €22 billion is secured through a fully committed bridge facility from Morgan Stanley and Société Générale. Schneider expects to refinance via an equity issuance of approximately €5 to 6 billion (accelerated bookbuild under existing AGM authorization) and new debt of approximately €16 to 17 billion across several currencies.
Targeted synergies in the release: €250 million of annual run-rate cost synergies by Year 3, and approximately €800 million of expected revenue synergies. Schneider also projects immediate low-single-digit accretion to Adj. EPS (before purchase-price accounting) in the first full consolidation year, rising to mid-to-high single digits including full run-rate synergies.
How the market took it#
Reuters reports Schneider’s shares were down 4.7% on Tradegate before the market opened as investors digested the size of the purchase and the premium. That is a pre-open Tradegate print, not the Euronext close. J.P. Morgan analysts, quoted by Reuters, said large-scale M&A is “typically unwelcome in the first instance by European investors,” while noting Schneider’s past deals have often proved strategically astute even when valuations were debated.
How to read it#
This is still industrial software, not an AI-lab deal. The trade is AI-infrastructure cash flow changing form: data-center power-and-cooling margins redeployed into CAD/PLM/ALM/SLM software that sits closer to product and engineering data, sold publicly as an AI data-layer story. Whether European investors buy that framing will show up in the equity raise and the long regulatory path to a 2027 close.
Limits#
- Deal terms, premiums, financing split, synergy targets, and Q3 2027 close timing are from the Schneider Electric / PTC Oct. 5 press release (read via FinanzWire / Les Echos Comfi regulatory-news mirror).
- Share-price move (−4.7%) is Reuters’ Tradegate pre-open figure, not a confirmed Euronext session close.
- Cognite remains a pending acquisition subject to its own closing conditions.
- The earlier ~$20 billion figure was unconfirmed FT/Reuters sourcing; this piece supersedes it with the signed $205 / $22.6B / $23.7B stack.