Company: PTC
Filing Date: 2025-11-05
Form Type: 8-K
Source: 0001193125-25-267120
Chunk: 0

Company: PTC INC.
Filing Date: 2025-11-05
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

Asset Purchase Agreement

On November 5, 2025, PTC Inc. (“ PTC”) entered into an Asset Purchase Agreement (the “ Purchase Agreement”) with Parrot US Buyer, L. P., a Delaware limited partnership (“ Purchaser”), an entity controlled by investment funds affiliated with TPG Global, LLC. Pursuant to the Purchase Agreement, on the terms and subject to the conditions therein, PTC has agreed to sell, and Purchaser has agreed to acquire, PTC’s ThingWorx, and Kepware businesses (collectively, the “ Business”), in exchange for total consideration consisting of $600,000,000 in cash (the “ Purchase Price”) payable at the closing of the transactions contemplated by the Purchase Agreement (the “ Closing”), subject to certain adjustments (discussed further below), plus the assumption by Purchaser of certain liabilities of the Business specified in the Purchase Agreement, as well the right to contingent consideration in an amount not to exceed $125,000,000 in certain circumstances following a sale of the Business by Purchaser (the “ Transaction”).

As described in greater detail in the Purchase Agreement, the Purchase Price will be (i) increased or decreased to the extent the Working Capital (as defined in the Purchase Agreement) of the Business as of the Closing is higher or lower than a specified target amount, (ii) decreased by the amount of any Indebtedness (as defined in the Purchase Agreement) of the Business as of the Closing, (iii) decreased by $35 million to the extent the Business does not achieve certain financial performance metrics in the month ending prior to Closing, and (iv) decreased by a specified amount reflecting the average billed accounts receivable of the Business as of the four-quarter period ending June 30, 2025.

The Closing is subject to certain conditions, including (i) expiration or termination of any required waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, (ii) the receipt of certain other regulatory approvals in foreign jurisdictions, (iii) the absence of any injunction or other judgment that prevents the Closing and (iv) subject to certain exceptions, the accuracy of the representations and warranties of, and compliance with covenants by, each of the parties to the Purchase Agreement. Under the Purchase Agreement, the Closing will occur on the later of (x) February 1, 2026 and (y) the second business day following