Altair – a leader in computational intelligence – announced that it has entered into a definitive agreement to be acquired by Siemens, a leading technology company focused on industry, infrastructure, mobility, and healthcare. Altair’s stockholders will receive $113 per share in cash, representing an equity value of approximately $10.6 billion.
This $113 per share cash consideration represents a 19% premium to the closing price of Altair common stock on October 21, 2024, the last trading day before media speculation regarding a potential transaction, and a 13% premium to Altair’s unaffected all-time high closing price.
The deal, which the Altair Board of Directors unanimously approved, is expected to close in the second half of 2025, following regulatory approvals, Altair stockholder approval, and the satisfaction of customary closing conditions. Upon the deal’s completion, Altair’s common stock will no longer be listed on any public stock exchange.
Citi and J.P. Morgan Securities are working as financial advisors to Altair, and Davis Polk & Wardwell and Lowenstein Sandler are working as the company’s legal advisors.
KEY QUOTES:
“This acquisition represents the culmination of nearly 40 years in which Altair has grown from a startup in Detroit to a world-class software and technology company. We have added thousands of customers globally in manufacturing, life sciences, energy and financial services, and built an amazing workforce, and innovative culture. We believe this combination of two strongly complementary leaders in the engineering software space brings together Altair’s broad portfolio in simulation, data science, and HPC with Siemens’ strong position in mechanical and EDA design. Siemens’ outstanding technology, strategic customer relationships, and honest, technical culture is an excellent fit for Altair to continue its journey driving innovation with computational intelligence.”
-James Scapa, Altair’s founder and CEO
“Acquiring Altair marks a significant milestone for Siemens. This strategic investment aligns with our commitment to accelerate the digital and sustainability transformations of our customers by combining the real and digital worlds. The addition of Altair’s capabilities in simulation, high performance computing, data science, and artificial intelligence together with Siemens Xcelerator will create the world’s most complete AI-powered design and simulation portfolio. It is a logical next step: we have been building our leadership in industrial software for the last 15 years, most recently, democratizing the benefits of data and AI for entire industries.”
-Roland Busch, President and CEO of Siemens AG
