Tag Archives: Stake
(Reuters) – Factory automation equipment maker Rockwell Automation said on Monday it would buy an 8.4 percent stake in PTC for $ 1 billion as it looks to build on its software capabilities to make smarter manufacturing processes for customers.
Rockwell — which makes electronic motor starters, relays and timers for industries — has been strengthening its capabilities in the so-called Internet of Things (IoT), or technology that allows different devices and systems to communicate with each other over the internet.
Shares of PTC, which offers computer-aided design (CAD) programs as well as lifecycle management software for manufacturers, rose as much as 10.2 percent to a record $ 95.88.
“We do view this agreement as a strategic positive for PTC as it will help open the doors into thousands of companies that traditionally have not used PTC for its core CAD capabilities,” JP Morgan analyst Sterling Auty wrote in a note.
As part of the deal, Rockwell will acquire 10.6 million newly issued PTC shares for $ 94.50 per share, to become its third-biggest shareholder.
The per-share price represents a premium of 8.6 percent to software maker PTC’s close on Friday.
Leveraging Rockwell’s domain expertise with PTC’s technology will help companies to capitalize on the promise of industrial IoT, PTC Chief Executive Officer Jim Heppelmann said.
Rockwell Automation’s chairman and Chief Executive Officer Blake Moret will join PTC’s board after the deal closes, which is expected within the next two months, according to a joint statement.
Morgan Stanley & Co LLC was the financial adviser to PTC, while Goldman Sachs & Co LLC advised Rockwell.
Goodwin Procter LLP was PTC’s legal adviser to PTC, while Foley & Lardner LLP advised Rockwell.
Reporting by Ankit Ajmera in Bengaluru; Editing by Shounak Dasgupta
MILAN (Reuters) – Italian state lender CDP intends to buy shares in Telecom Italia (TIM) on the market or in block orders, a source told Reuters on Thursday.
CDP, which is controlled by Italy’s Treasury, does not currently hold any shares in TIM, the source, who is close to the matter, added.
The decision on the share acquisition, including its size, will be taken at CDP’s board meeting on Thursday.
Reporting by Stefano Bernabei, writing by Giulia Segreti; Editing by Kim Coghill
TOKYO (Reuters) – A Japanese state-backed fund plans to sell part of its stake in Renesas Electronics Corp, giving the chipmaker more freedom to make acquisitions as it seeks to bolster its global competitiveness, public broadcaster NHK reported.
The fund, Innovation Network Corp of Japan (INCJ), will reduce its stake to around 33 percent from 45.6 percent, NHK said on Tuesday, without citing sources.
INCJ plans to sell the shares through the market, according to the NHK report.
Renesas shares dived 8 percent following the report.
Representatives for INCJ were not immediately available for comment.
INCJ rescued cash-strapped Renesas in 2013 with an investment of 150 billion yen ($ 1.4 billion), and had received 69 percent of the chipmaker, but whittled down its stake as the company regained its footing.
Last month, INCJ agreed to sell a 4.5 percent stake in Renesas to auto parts supplier Denso Corp.
Renesas last year bought U.S. chipmaker Intersil Corp for $ 3.2 billion and its chief executive said it was constantly reviewing its list of potential acquisition targets.
Reporting by Chris Gallagher; Editing by Subhranshu Sahu and Sherry Jacob-Phillips
(Reuters) – China’s Tencent Holdings Ltd has bought a 12 percent stake in Snapchat parent Snap Inc, a regulatory filing showed on Wednesday.
Snap said Tencent acquired 145.8 million shares of its non-voting Class A common stock through open market purchases this month. bit.ly/2zqvybE
Snap had about 1.2 billion shares outstanding.
Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar