Schneider Electric signs $22.6 billion cash deal for PTC
The PTC agreement carries a $23.7 billion enterprise value. Healthcare deals feature majority and minority stakes, cash purchases and sales-linked payments.
Schneider Electric agreed to acquire PTC for $205 a share in cash, valuing the industrial software company's equity at approximately $22.6 billion. The agreement carries an implied enterprise value of $23.7 billion. The offer represents a 42.3% premium to PTC's last closing share price and a 46.1% premium to its preceding 30-trading-day volume-weighted average price. PTC serves more than 30,000 customers with software for product design, engineering and lifecycle management.
The acquisition remains subject to required regulatory approvals and approval by holders of at least a majority of PTC shares at a special meeting. Those conditions leave the signed agreement awaiting both shareholder and regulatory clearance.
C.H. Robinson's agreement to acquire RXO uses cash and stock, with an implied transaction value of $5.8 billion. RXO shareholders would receive $17.25 in cash and 0.0856 C.H. Robinson shares for each share held, an implied total of $30.25. Holders can elect all-cash or all-stock consideration, subject to proration designed to produce an aggregate mix of approximately 57% cash and 43% stock. C.H. Robinson said it expects closing in the first half of 2027, subject to regulatory approval, RXO shareholder consent and other customary conditions. MFN Partners, which holds about 17% of RXO, agreed to support the merger.
Healthcare ownership and payment terms
CD&R and McKesson agreed to take Option Care Health private for $32.05 a share in cash, at an enterprise value of approximately $5.8 billion. The ownership structure divides control: CD&R would hold approximately 51%, while McKesson would invest approximately $1.4 billion for approximately 49%. Option Care Health would remain a separate company with its own management team. The agreement also establishes a framework for McKesson to acquire CD&R's interest later, subject to specified conditions and regulatory approvals. Closing requires Option Care Health shareholder approval and required regulatory clearances.
Viatris agreed to acquire Pacira BioSciences for $36.50 a share in cash, an aggregate equity value of $1.65 billion. Pacira's therapies include EXPAREL and ZILRETTA; their second-quarter 2026 net product sales were $147.8 million and $32.6 million, respectively. Viatris said it expects the transaction to close by the end of 2026, subject to customary conditions. The equity valuation measures the price of the shares being acquired.
Viatris also agreed to sell the dry-eye treatment TYRVAYA to Harrow under an asset-purchase agreement with a substantial contingent component. Harrow would pay $30 million in cash at closing and up to $70 million in additional payments tied to TYRVAYA's net sales, bringing potential total consideration to $100 million. Harrow said it expects closing in the second half of 2026, subject to customary conditions. The sales-linked milestones determine whether the additional consideration becomes payable.
Oil assets: an agreement and a completed purchase
Crescent Energy entered a definitive agreement to buy Devon Energy's Eagle Ford assets for an estimated net purchase price of approximately $3.85 billion. The package includes approximately 68,000 barrels of oil equivalent a day of net production and more than 600 Tier 1 net locations normalized to 10,000-foot laterals, concentrated in the Karnes Trough. Crescent said it expects closing in the fourth quarter of 2026 or early 2027. Conditions include obtaining financing on terms satisfactory to Crescent.
Matador Resources completed its purchase of Paloma Permian for $1.255 billion in cash. Its July agreement had disclosed $1.275 billion of cash consideration, subject to customary closing adjustments. The acquisition includes 16,235 net undeveloped acres in Eddy and Lea counties, New Mexico. Matador had estimated the properties' third-quarter production at approximately 11,100 barrels of oil equivalent a day, with oil accounting for 57%. The completed purchase gives this transaction a different status from Crescent's pending agreement.
Industrial purchases reach different stages
Advanced Drainage Systems agreed to acquire StormTrap Investments in an all-cash transaction valued at approximately $530 million. StormTrap supplies stormwater storage products and solutions. Advanced Drainage Systems said it expects the acquisition to close in the fourth quarter of calendar 2026, subject to customary closing conditions.
IES Holdings completed its acquisition of DBM Global from INNOVATE for approximately $691 million in total consideration, including minority interests. The package comprised approximately $545 million in cash and 430,974 IES shares valued at approximately $146 million using IES's October 2 closing price. DBM provides structural steel fabrication, erection and industrial services and generated approximately $1.3 billion in revenue for the twelve months ended March 31, 2026. The purchase price remains subject to customary working-capital and other true-up adjustments and finalization after delivery of a post-closing statement.