Altair to be Acquired by Siemens for $10.6 Billion
Deal News | Oct 30, 2024 | Globenewswire
Altair, a global leader in computational intelligence and simulation software, has announced it will be acquired by Siemens for approximately $10.6 billion. This definitive agreement represents a 19% premium to Altair's last trading day stock price before transaction speculation and a 13% premium to the company's all-time high. Altair’s board has unanimously approved this strategic acquisition, which promises to enhance Siemens' capabilities in AI-powered design and simulation. Upon completion, expected in H2 2025 subject to regulatory and shareholder approvals, Altair’s stock will be delisted. Siemens sees this deal as a milestone in its 15-year journey towards industrial software leadership, aligning with its goal of digital and sustainability transformation. Financial advisors for the deal include Citi and J.P. Morgan Securities, with legal counsel from Davis Polk & Wardwell LLP and Lowenstein Sandler LLP.
Sectors
- Technology
- Software
- Industrial Software
Geography
- United States – Altair, the target company in the acquisition, is headquartered in Troy, Michigan, USA.
- Germany – Siemens AG, the acquiring company, is based in Berlin and Munich, Germany.
Industry
- Technology – The article involves the acquisition of Altair, a technology company specializing in computational intelligence, by Siemens, a leading technology firm.
- Software – Altair is known for its simulation and high-performance computing software solutions, making the software industry relevant to the article.
- Industrial Software – The acquisition is set to enhance Siemens’ leadership in industrial software, focusing on AI-powered design and simulation.
Financials
- $10.6 billion – Total equity value for the acquisition of Altair by Siemens.
- $113.00 per share – The cash consideration per Altair share, representing a premium to prior trading prices.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Altair | Target Company | Company | A global leader in computational intelligence, providing software and cloud solutions in simulation, HPC, data analytics, and AI. |
| Siemens AG | Acquiring Company | Company | A leading global technology company focused on industry, infrastructure, mobility, and healthcare. |
| Citi | Financial Advisor to Altair | Company | An American multinational investment bank and financial services corporation. |
| J.P. Morgan Securities LLC | Financial Advisor to Altair | Company | A multinational financial services firm providing investment banking services. |
| Davis Polk & Wardwell LLP | Legal Advisor to Altair | Company | An international law firm providing legal advice to Altair for this transaction. |
| Lowenstein Sandler LLP | Legal Advisor to Altair | Company | A law firm engaged by Altair in connection with its acquisition by Siemens. |