PTC (PTC) announced it has completed the previously announced sale of the company’s Kepware industrial connectivity and ThingWorx Internet of Things businesses to TPG. PTC received cash proceeds of $523 million upon closing, reflecting closing adjustments of $42 million related to working capital and indebtedness. Net after-tax transaction proceeds will be approximately $375 million, after the payment of divestiture-related costs of approximately $40 million and cash taxes related to the divestiture of approximately $110 million.
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