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ANSYS agreed to acquire Ansoft on March 31, 2008, in a transaction valued at approximately $832 million. Ansoft shareholders were offered $16.25 in cash plus 0.431882 ANSYS shares for each Ansoft share. ANSYS completed the acquisition on July 31, 2008.
How much did ANSYS pay for Ansoft?
The March 31 announcement valued the transaction at approximately $832 million. Under its terms, each Ansoft share converted into $16.25 in cash plus 0.431882 ANSYS shares. The agreement used ANSYS subsidiaries Evgeni, Inc. and Sidney LLC as merger entities. ANSYS and Ansoft’s March 31, 2008 announcement describes the agreed terms.
The headline valuation and aggregate payment figures were estimates based on the announced exchange terms. The announcement expected to issue approximately 11.1 million ANSYS shares and pay approximately $416 million in cash; Ansoft shareholders were expected to own about 12% of the combined company on a pro forma basis.
At closing, ANSYS reported approximately 12.2 million shares issued and approximately $387 million in cash, plus expenses. These closing figures differ from the announcement estimates because they reflect final settlement; they are not alternative descriptions of the original offer. ANSYS’s July 31, 2008 closing release reported the completed transaction figures.
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Why did ANSYS buy Ansoft?
The companies presented the deal as a way to combine ANSYS simulation software with Ansoft’s electronic-design-automation capabilities. Their stated aim was to create a leading provider of simulation capabilities. The announcement cited combined trailing twelve-month revenue of approximately $485 million. The acquisition announcement gives the companies’ strategic rationale and revenue figure.
When did the acquisition happen?
| Milestone | Date | What happened |
|---|---|---|
| Definitive agreement signed | March 31, 2008 | ANSYS and Ansoft announced the acquisition agreement. |
| FTC early-termination notice | April 30, 2008 | The FTC notice records the transaction’s early-termination date. |
| SEC registration statement effective | June 20, 2008 | The amended Form S-4 became effective; a special Ansoft stockholder meeting was set for July 23. |
| Ansoft shareholder approval | July 23, 2008 | Ansoft shareholders approved the merger. |
| Acquisition completed | July 31, 2008 | ANSYS announced the deal’s completion; this was also scheduled to be Ansoft’s last Nasdaq trading day. |
The June 23 SEC-filed release provides the registration and meeting details, while the July 31 release confirms completion. SEC-filed June 23, 2008 release; ANSYS closing release.
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