Mergers and Acquistions News
Categories: IT Services & Consulting
July 8th 2009, 16:06PM
Private equity firm Symphony Technology Group and investment company Elliott Management Corporation have announced that they have entered into an acquisition agreement with MSC.Software Corportation.
Under the terms of the agreement, the firms will acquire all of MSC's outstanding shares in a single-step, all-cash merger with an estimated value of £360 million (£223.5 million).
MSC is a leading provider of software simulations that works with thousands of companies to design and test manufactured products by using information technology.
Commenting on the merger, which has been approved by MSC's board of directors, chief executive officer and managing director of Symphony Technology Dr Romesh Wadhwani said MSC has a long history of delivering value to its customers.
"Symphony's mission is to be a partner in helping to build great companies and in enabling growth through innovation, so we are very pleased to have the opportunity to build upon the strong franchise that the MSC team has developed over the past 45 years," he commented.
Procter & Gamble recently selected MSC's SimManager and SimXpert to design and process consumer products.
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