Story tracker · Awaiting approvals
Schneider Electric buys PTC
Schneider's largest acquisition: $22.6bn in cash for the maker of design and product lifecycle software, to connect how products are designed with how plants run.
On 5 October 2026 Schneider Electric agreed to buy PTC, the US maker of design (CAD) and product lifecycle management (PLM) software, for $205 a share in cash: an equity value of $22.6bn and an enterprise value of $23.7bn, a 42.3% premium to PTC's previous close. It is Schneider's largest acquisition.
Schneider says PTC will join AVEVA and Cognite to link product design with plant operations and energy data, and expects €250m of annual cost synergies by the third year and about €800m of revenue synergies. The Wall Street Journal reports the price is to be paid with up to €6bn of new shares and up to €17bn of new debt.
Where it stands
- Talks reported Done · 4 Oct 2026 Financial Times
- Agreement signed Done · 5 Oct 2026 Schneider Electric
- PTC shareholder approval Next · date not set DirectIndustry
- Regulatory approvals Next DirectIndustry
- New shares and debt Later · up to €6bn and €17bn WSJ
- Completion Later · Q3 2027, expected WSJ
Agreed on 5 October 2026. Completion is expected in the third quarter of 2027, subject to the approval of PTC shareholders and regulators.
By the numbers
- Equity value
- $22.6bn
- Cost synergies by year 3
- €250m
- New debt, at most
- €17bn
- FY2025 free cash flow
- 4.6×
- of FY2025 revenue
- 53%
- Industrial Automation revenue
- 3.0×
- $205 a share in cash, a 42.3% premium; enterprise value $23.7bn. Schneider Electric announcement
- A year, by the third year, with about €800m of revenue synergies expected. Schneider Electric announcement
- With up to €6bn of new shares, as reported. WSJ
- 3 figures computed by Tenxpath: the price (€21.1bn enterprise value) against Schneider Electric's FY2025 free cash flow €4.64bn, revenue €40.2bn, Industrial Automation revenue €7.02bn. From Schneider Electric, full-year 2025 results (financial release), 26 Feb 2026, with the price from Schneider Electric announcement.
How it unfolded
-
Report
The Financial Times reports that Schneider Electric is close to buying PTC for about $20bn.
Financial Times: Schneider Electric nears deal to buy industrial software group PTC for $20bn -
Announcement
Schneider agrees to buy PTC for $205 a share in cash: $22.6bn, its largest acquisition.
Enterprise value $23.7bn (€21.1bn), a 42.3% premium. PTC is to become a wholly owned subsidiary and leave Nasdaq once the deal closes.
Schneider Electric: Schneider Electric to acquire PTC creating the next level of Energy and Industrial Intelligence -
Announcement
The deal is to be paid with up to €6bn of new shares and up to €17bn of debt, with completion expected in the third quarter of 2027.
WSJ: Schneider Electric to Buy Software Maker PTC for $22.6 Billion -
Market reaction
Schneider's shares fall sharply on the record price.
Yahoo Finance UK: Schneider Electric shares plunge on record $22.6bn PTC deal -
Market reaction
PTC's shares soar; Barron's calls the deal a win for software.
Barron's: PTC Stock Soars on $22.6 Billion Schneider Electric Deal -
Management
Schneider's chief executive says the deal creates the 'next generation' of industrial AI.
CRN: Schneider Electric CEO: $22.6B PTC Deal Creates 'Next Generation' Of Industrial AI -
Analyst view
Morningstar calls the price the best deal PTC's shareholders could get.
Morningstar: PTC: $22.6 Billion Schneider Electric Acquisition Is the Best Deal Shareholders Can Possibly Get -
Analyst view
Interact Analysis sees Schneider becoming a new challenger to Siemens in industrial software.
DirectIndustry: Schneider’s PTC Deal: "A New Challenger to Siemens" (Insights from Interact Analysis) -
Analyst view
J.P. Morgan downgrades Schneider to neutral, seeing the deal weigh on its valuation; the shares slide.
Yahoo Finance: Schneider Electric slides as J.P. Morgan sees PTC deal weighing on valuation -
Analyst view
ARC Advisory Group: the industrial AI battle shifts to the digital thread, from design to operations.
ARC Advisory Group: Schneider Electric & PTC: The Industrial AI Battle Shifts to the Digital Thread -
Management
Schneider's chief executive explains why it made its largest acquisition, months after buying Cognite.
Diginomica: Schneider Electric liked PTC so much, it bought the company! CEO explains why -
Market reaction
MarketScreener: the sell-off that followed the deal looks overdone for long-term investors.
MarketScreener: Schneider Electric: PTC-induced sell-off now appears overdone for those with a long-term view
Coverage
Articles about the story that the Brief's monitor collected, by the day they were published. Attention peaks when news breaks; later spikes usually mean a new development.
What to watch
- PTC's shareholder vote and the antitrust filings, both needed before completion. DirectIndustry
- How Schneider raises up to €6bn of new shares and up to €17bn of debt. WSJ
- How Siemens and other design-software vendors answer a combined Schneider-PTC offer. Interact Analysis, via DirectIndustry