Mergers and Acquistions News
Categories: Software
August 19th 2011, 12:13PM
HP has announced it is to make an investment in British software company Autonomy.
It will acquire the enterprise at a price of £25.50 per share, payable in cash.
The boards of directors from both enterprises have agreed to the deal and the transaction will be carried out in the form of a takeover offer.
This will be extended to Autonomy shareholders.
Following news of the sale, shares in the enterprise jumped by over 70 per cent during morning trade today (August 19th).
Paul Morland, a tech analyst at Peel Hunt, told the Financial Times that "it doesn't get any better than this".
Leo Apotheker, president and chief executive officer at HP, said the arrangement will enable his organisation to "accelerate our strategic vision to decisively and profitably lead a large and growing space".
He noted that Autonomy has an "attractive" business model which will support HP's bid to improve the range of products in its portfolio.
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