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June 11, 2018, 6:59 a.m. EDT

Rockwell Automation to buy $1 billion worth of PTC shares as part of strategic partnership

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By Tomi Kilgore

Rockwell Automation Corp. /zigman2/quotes/206335564/composite ROK -0.37% said Monday it will make a $1 billion equity investment in PTC Inc. /zigman2/quotes/202034776/composite PTC -0.27% , as part of a strategic partnership aimed at accelerating growth for both companies. Rockwell Chief Executive Blake Moret will join PTC's board of directors when the equity investment closes. Under terms of the investment, Rockwell will buy 10.58 million newly issued PTC shares at $94.50 a share, which is 8.6% above Friday's closing price of $86.99, to give Rockwell an 8.4% ownership interest in PTC. As part of the partnership, the companies will align their respective smart factory technologies, combining PTC's ThingWorx internet of things, Kepware industrial connectivity and Vuforia augmented reality platforms with Rockwell's FactoryTalk MES, FactoryTalk analytics and industrial automation platforms. PTC and Rockwell shares were still inactive in premarket trade. PTC's stock has run up 53% over the past 12 months, while Rockwell shares have gained 9.8% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.36% has climbed 14%.

/zigman2/quotes/206335564/composite
US : U.S.: NYSE
$ 170.98
-0.64 -0.37%
Volume: 822,090
Oct. 22, 2019 6:30p
P/E Ratio
20.02
Dividend Yield
2.27%
Market Cap
$20.01 billion
Rev. per Employee
$292,183
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/zigman2/quotes/202034776/composite
US : U.S.: Nasdaq
$ 65.94
-0.18 -0.27%
Volume: 849,614
Oct. 22, 2019 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.59 billion
Rev. per Employee
$207,715
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/zigman2/quotes/210599714/realtime
US : S&P US
2,995.99
-10.73 -0.36%
Volume: 1.84B
Oct. 22, 2019 5:03p
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