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Synopsys | 8-K: Current report

SEC announcement ·  Jan 16 00:00
Summary by Moomoo AI
On January 15, 2024, Synopsys, Inc. entered into a definitive agreement to acquire Ansys, Inc. in a merger that will result in Ansys becoming a wholly owned subsidiary of Synopsys. The merger, unanimously approved by Synopsys' board of directors, involves a mix of stock and cash consideration, with Ansys shareholders receiving 0.3450 shares of Synopsys common stock and $197.00 in cash for each share of Ansys. This transaction is expected to close in the first half of 2025, subject to Ansys shareholder approval, regulatory approvals, and other customary closing conditions. Synopsys has secured $16 billion in debt financing commitments from several financial institutions to fund the cash portion of the transaction. The merger aims to combine Synopsys' semiconductor design technology with Ansys' simulation and analysis capabilities...Show More
On January 15, 2024, Synopsys, Inc. entered into a definitive agreement to acquire Ansys, Inc. in a merger that will result in Ansys becoming a wholly owned subsidiary of Synopsys. The merger, unanimously approved by Synopsys' board of directors, involves a mix of stock and cash consideration, with Ansys shareholders receiving 0.3450 shares of Synopsys common stock and $197.00 in cash for each share of Ansys. This transaction is expected to close in the first half of 2025, subject to Ansys shareholder approval, regulatory approvals, and other customary closing conditions. Synopsys has secured $16 billion in debt financing commitments from several financial institutions to fund the cash portion of the transaction. The merger aims to combine Synopsys' semiconductor design technology with Ansys' simulation and analysis capabilities, creating a leader in silicon to systems design solutions. The combined company is expected to expand Synopsys' total addressable market to approximately $28 billion, with a growth rate of around 11% CAGR. The merger is anticipated to be accretive to Synopsys' non-GAAP EPS within the second full year post-closing and significantly thereafter. The companies also expect to achieve cost and revenue synergies, with approximately $400 million in run-rate cost synergies by the third year and $400 million in run-rate revenue synergies by the fourth year post-closing.

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