Simpson Thacher is representing PTC Inc. in the announced sale of PTC’s Kepware industrial connectivity and ThingWorx Internet of Things businesses to TPG, for total consideration of $600 million in cash, subject to certain adjustments, as well as the right to contingent consideration up to $125 million in certain circumstances. The transaction is expected to close in the first half of 2026, subject to the satisfaction of regulatory approvals and customary closing conditions.
PTC is a global software company that enables manufacturers and product companies to digitally transform how they design, manufacture and service physical products. TPG is a global alternative asset management firm, founded in San Francisco, with investment and operational teams around the world.
The Simpson Thacher team includes Jakob Rendtorff, Eric Swedenburg, William Lay, Matt Suhosky and Ellen Gao (M&A); Lori Lesser, Jamie Talbot, Christine Song, Chandler Gerard-Reimer and Christian Bond (Intellectual Property); Tristan Brown, Laura Gallo, Daniella Villatoro and Skyler Kanfer (Executive Compensation and Employee Benefits); Sophie Staples, Alec Jarvis, Andrew Mandelbaum and Angela Sbano (Tax); Christopher Brown, Cem Islikci, Alexandra Cullen and Celeste Fleetwood (Credit); Sunny Cheong and Joseph Hahn (Capital Markets); Krista McManus (Real Estate); and Steven DeLott (Insurance).