Schneider Electric has agreed to acquire Boston-based industrial software maker PTC for $205 a share in cash, valuing its equity at $22.6 billion and implying an enterprise value of $23.7 billion. The offer represents premiums of 42.3% to PTC's last closing price and 46.1% to its prior 30-trading-day volume-weighted average price. Both companies' boards unanimously approved the transaction, and PTC's board recommended that shareholders support it. PTC serves more than 30,000 customers with software for product design, engineering and data management, reporting approximately $2.74 billion in revenue for the year through Sept. 30, 2025. Schneider expects software and services to represent roughly 24% of its revenue after closing. It projects $250 million in annual cost savings by the third year after completion and about $800 million in revenue synergies, while planning to finance roughly $22 billion of cash consideration through an approximately $5 billion-to-$6 billion equity issuance and $16 billion-to-$17 billion in new debt. The deal is expected to close by the third quarter of 2027, subject to shareholder and regulatory approvals.