Siemens Agrees to Buy Software Group Altair for $10 Billion
- Transaction provides 19% premium to Altair shareholders
- Acquisition of US-based Altair is largest ever by Siemens
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Siemens AG has agreed to buy software maker Altair Engineering Inc. for an enterprise value of $10 billion, furthering the German engineering giant’s migration to higher margin, software-driven product lines.
In its largest-ever acquisition, Siemens will pay Altair investors $113 a share, according to a statement. The transaction, expected to close in the second half of next year, represents a 19% premium to Altair’s Oct. 21 closing price, the last trading day prior to reports regarding a possible acquisition.