Summary
Rockwell Automation, Inc. (ROK) has officially completed its significant investment in PTC Inc. by acquiring approximately 10.6 million shares of PTC common stock for a total of $1.0 billion in cash. This transaction, finalized on July 19, 2018, was executed under the terms of a previously announced Securities Purchase Agreement, solidifying a strategic partnership between the two companies. The investment is expected to align with Rockwell Automation's strategic objectives and integrate PTC's capabilities to enhance its offerings in the industrial automation and software space. In conjunction with this investment, Rockwell Automation and PTC entered into a Registration Rights Agreement. This agreement grants Rockwell Automation customary registration rights for the acquired shares, subject to market standstill provisions. PTC is obligated to file a resale shelf registration statement for these shares by July 19, 2019. Investors should monitor the impact of this partnership on Rockwell Automation's future growth and market position.
Key Highlights
- 1Rockwell Automation (ROK) completed the acquisition of 10,582,010 shares of PTC Inc. common stock.
- 2The total purchase price for the PTC shares was approximately $1.0 billion in cash.
- 3The acquisition was finalized on July 19, 2018, as per the Securities Purchase Agreement dated June 11, 2018.
- 4This investment signifies a strategic partnership between Rockwell Automation and PTC.
- 5A Registration Rights Agreement was entered into, granting Rockwell Automation registration rights for the acquired shares.
- 6PTC is required to file a resale shelf registration statement for the shares by July 19, 2019.
- 7The filing is an 8-K Current Report detailing the completion of this significant transaction.