Ontario-based software firm OpenText and MicroFocus, the UK software company that owns the leading testing and development tools UFT and ALM, have announced that all regulatory conditions have been satisfied for the all-cash offer, made last August.
The offer saw Micro Focus’ share price double from around 268p per share on August 25th, when OpenTest made its 532p per share offer. Micro Focus has an annual revenue of $2.9bn and over 11,000 employees.
With the regulatory conditions met, the only remaining step is for an internal Micro Focus court sanction hearing on January 27th, where the scheme will be accepted and finalisation of the acquisition will occur on the 31st.
The two firms will have a combined revenue of approximately $6.5bn, with Micro Focus announcing a $2.9bn annual revenue in 2022.
[Image: Bret Fitzgerald / Micro Focus]