PTC (NASDAQ:PTC) is due for a fundamentally new investment story on October 5, with Schneider Electric’s agreement to acquire the company for $205/share in cash. PTC’s equity value comes in at ~$22.6B and enterprise value at ~$23.7B. The offer price represents a 42.3% premium to the October 2 close of $144.03, which was the latest U.S. market close available before the October 5 regular session.

The acquisition is contingent on the standard closing conditions and regulatory approvals. This means that the main stock betas for the near-term will not be focused on growth in Annual Run Rate (ARR) or beating quarterly earnings expectations. The focus now shifts to closing probabilities, time value of money, and discount to the $205 cash…