PTC Shares Surge Nearly 34% Following $22.6 Billion Schneider Electric Buyout

Shares of software company PTC surged by nearly 34% after Schneider Electric agreed to acquire the firm in a buyout deal valued at $22.6 billion, Bloomberg and The Economic Times reported.

According to the reports, news of the acquisition agreement sparked a sharp rally in the company's share price as trading opened, making it one of the market's top movers.

Official detailed comments from the companies have not yet been released, and further details regarding the regulatory approvals and the timeline for completing the transaction have not yet been made public.