By Sabela Ojea
Siemens is acquiring software and technology company Altair in an equity deal valued at about $10.6 billion.
The German industrial giant said Altair shareholders will receive $113 per share in cash, representing a 19% premium to the closing price of Altair's common stock on Oct. 21, the last trading day prior to media speculation about a deal.
The price also represents a 13% premium to Altair's unaffected all-time high closing price, Siemens said Wednesday.
The acquisition would help Siemens add growth of about 8% to its digital business revenue, or 600 million euros ($649.2 million) when compared to the EUR7.3 billion reported in fiscal 2023.
"This strategic investment aligns with our commitment to accelerate the digital and sustainability transformations of our customers by combining the real and digital worlds," Siemens Chief Executive Roland Busch said.
The transaction, unanimously approved by Altair's board of directors, is expected to close in the second half of 2025 and to be accretive to earnings by year two post-closing.
Upon completion of the transaction, Altair's common stock will no longer be listed on any public stock exchange.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
October 30, 2024 17:09 ET (21:09 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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