Altair Engineering Inc. Enters Definitive Merger Agreement with Siemens Inc.

by · The Markets Daily

Altair Engineering Inc. (NASDAQ: ALTR) announced on October 30, 2024, that the company has entered into an Agreement and Plan of Merger with Siemens Industry Software Inc. The merger agreement outlines the acquisition of Altair Engineering by Siemens through a transaction in which Altair will merge with and into Siemens. Upon completion of the transaction, Altair will become a wholly owned subsidiary of Siemens.

Under the terms of the merger agreement, each share of Class A Common Stock and Class B Common Stock of Altair will be converted into the right to receive $113.00 in cash, without interest. The merger consideration represents an equity value of approximately $10.6 billion.

The closing of the merger is subject to certain conditions, including the approval of Altair’s stockholders holding a majority of the voting power of the outstanding Common Shares, regulatory approvals, and other customary closing conditions. The transaction is expected to be completed in the second half of 2025.

In a related press release, Altair disclosed its financial results for the third quarter of fiscal year 2024. Altair also announced the cancellation of its earnings conference call scheduled for October 30, 2024, following the announcement of the merger agreement with Siemens.

Altair has engaged Citi and J.P. Morgan Securities LLC as financial advisors, and legal counsel for the transaction is being provided by Davis Polk & Wardwell LLP and Lowenstein Sandler LLP.

The companies involved have made customary representations, warranties, and covenants in the merger agreement. Altair has agreed to “no-shop” provisions limiting its ability to solicit alternative acquisition proposals, subject to certain exemptions.

The transaction advisors also include Siemens AG, the ultimate parent company of Siemens, which has provided a guarantee to ensure performance and discharge of payment obligations under the merger agreement.

Additional details about the merger agreement, voting processes, termination clauses, and guarantee arrangements are available in the official filings made with the Securities and Exchange Commission.

Altair’s official press release regarding the merger agreement with Siemens is available on the Investor Relations section of Altair’s website for further information and updates.

The news release issued by Altair Engineering Inc. on October 30, 2024, provides comprehensive details on the planned acquisition by Siemens and the anticipated benefits of the proposed transaction for both companies and their stakeholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Altair Engineering’s 8K filing here.

About Altair Engineering

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Altair Engineering Inc, together with its subsidiaries, provides software and cloud solutions in the areas of simulation and design, high-performance computing, data analytics, and artificial intelligence in the United States and internationally. It operates in two segments, Software and Client Engineering Services.

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