Open Text Strikes Biggest Deal With Micro Focus at 99% Premium
- Acquisition places enterprise value of $6 billion on UK firm
- CEO Barrenechea cites ‘meaningful revenue and operating scale’
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Canada’s Open Text Corp. agreed to buy UK software firm Micro Focus International Plc for about $6 billion including debt, building on a strategy of growth by acquisition with its largest deal yet.
The Waterloo, Ontario-based company is offering 532 pence per share, a 99% premium to Thursday’s closing price. Micro Focus soared 94% to 521 pence as of 2:08 p.m. London time on Friday.