OpenText enters definitive agreement to acquire Covisint
Acquisition to expand OpenText’s offering in cloud-based IOT platform-as-a-service and its presence in automotive industry
OpenText has entered into a definitive agreement to acquire US-based Covisint Corporation in a transaction valued at USD103 million, the Canada-based software firm specializing in Enterprise Infotainment Management (EIM) said in a press release on 5 June. Under the terms of the agreement, OpenText will buy all outstanding shares of Covisint for USD2.45 per share, representing a 23% premium to the company’s closing share price of USD2 on Friday (2 June). The company will fund the acquisition with cash on hand. The acquisition is expected to complete in the third quarter of 2017, subject to various closing conditions and regulatory approvals.
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