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(Updates with Apache’s IPO filing in third paragraph.)
June 30 (Bloomberg) -- Ansys Inc., the Canonsburg, Pennsylvania-based software developer, agreed to buy closely held Apache Design Solutions Inc., a simulation-software provider, for about $310 million in cash.
The deal includes an estimated $29 million in cash on Apache’s balance sheet and will be “modestly accretive” to Ansys earnings, excluding one-time costs, in its first full year of combined operations, the companies said in a statement.
Apache, whose software allows engineers to design power- efficient devices, had filed for an initial public offering and a Nasdaq Stock Market listing on March 14. The sale to Ansys is anticipated to close in the third quarter, according to the statement. Ansys said it’s unable to provide GAAP estimates due to acquisition-related costs until the transaction closes.
Ansys rose 17 cents to $55.15 at 9:55 a.m. New York time in Nasdaq trading. Shares have increased 5.6 percent this year before today.
Deutsche Bank Securities is acting as San Jose, California- based Apache’s exclusive financial adviser. Ansys is being advised by Bank of America Merrill Lynch.
(Ansys and Apache will hold a conference call at 11:30 a.m. New York time. To listen, visit ANSS US <Equity> EVT <GO>.)
--Editors: Niamh Ring, James Callan
To contact the reporter on this story: Alex Sherman in New York at firstname.lastname@example.org.
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