M&A · Tech · Services-Prepackaged Software
Synopsys Inc to acquire Ansys Inc
Announced Jan 16, 2024 · Closed Jul 17, 2025
Deal value$35.00BEV $35.00B
Premium29.0%To unaffected price
EV / Adj. EBITDA39.1x16.2x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- Synopsys Inc (SNPS)
- Target
- Ansys Inc (ANSS)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $35.00B
- Status
- Closed Jul 17, 2025
Deal protections
- Break fee (target pays)
- $950M · 2.7%
- Reverse fee (buyer pays)
- $1.50B · 4.3%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan
Advisors
- To the acquirer
- Evercore
- To the target
- Qatalyst
Sector context · Tech
- Comparable deals
- 59 in the prior 24 months
- Premium
- 29.0% vs. 45.6% sector median
- EV / Adj. EBITDA
- 39.1x vs. 16.1x sector median
- Break fee
- 2.7% vs. 3.0% sector median
Timeline
- AnnouncedJan 16, 2024
- Proxy filedApr 17, 2024
- Definitive proxyApr 17, 2024
- Shareholder voteMay 22, 2024
- ClosedJul 17, 2025
Valuation · fairness opinions
Discounted cash flow$199.97$319.88
Implied value per Ansys Inc share by analysis, from Qatalyst.