Siemens snaps up software firm
GERMAN industrial giant Siemens is buying US software firm Mentor Graphics for US$4.5 billion, building out its offer to high-tech manufacturing industries. Oregon-based Mentor employs more than 5700 people and produces software used to design electronics products, especially integrated circuits.
The deal would “complement our strong offering in mechanics and software with design, test and simulation of electrical and electronic systems”, Siemens board member Klaus Helmrich said.
Siemens said its offer of $37.25 per share in cash – a 21 percent premium on Mentor’s closing price – had been accepted by the US firm’s board, but still needed to be approved by shareholders. The German firm said it would provide more details at a press conference scheduled for later yesterday. –