M&A · Tech · Services-Prepackaged Software
Siemens Industry Software Inc. to acquire Altair Engineering Inc.
Announced Oct 30, 2024 · Closed Mar 26, 2025
Deal value$10.60BEV $10.32B
Premium19.0%To unaffected price
EV / Adj. EBITDA—16.5x EV / Revenue
ConsiderationAll cash$113.00 per share
Transaction
- Acquirer
- Siemens Industry Software Inc.
- Target
- Altair Engineering Inc. (ALTR)
- Buyer type
- Strategic
- Offer price per share
- $113.00
- Enterprise value
- $10.32B
- Status
- Closed Mar 26, 2025
Deal protections
- Break fee (target pays)
- $372M · 3.5%
- Reverse fee (buyer pays)
- $638M · 6.0%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Citigroup, JPMorgan
- Citigroup fee
- $63.8M
- JPMorgan fee
- $63.8M
Sector context · Tech
- Comparable deals
- 57 in the prior 24 months
- Premium
- 19.0% vs. 42.6% sector median
- EV / Adj. EBITDA
- Sector median 14.7x
- Break fee
- 3.5% vs. 3.0% sector median
Timeline
- AnnouncedOct 30, 2024
- Proxy filedDec 4, 2024
- Definitive proxyDec 18, 2024
- Shareholder voteJan 22, 2025
- ClosedMar 26, 2025
Valuation · fairness opinions
Trading comparablesCitigroup$55.75$88.45
Trading comparablesCitigroup$57.50$91.15
Precedent transactionsCitigroup$84.25$99.30
Precedent transactionsCitigroup$86.25$101.75
Discounted cash flowCitigroup$48.65$76.15
Trading comparablesJPMorgan$78.00$101.00
Trading comparablesJPMorgan$79.00$102.50
Other analysisJPMorgan$76.00$128.50
Other analysisJPMorgan$77.00$130.00
Discounted cash flowJPMorgan$63.00$109.50
Offer $113.00
Implied value per Altair Engineering Inc. share by analysis, from Citigroup and JPMorgan.