0821 GMT - Siemens's acquisition of software and technology company Altair Engineering looks like a good portfolio fit, RBC Capital Markets analysts Mark Fielding and Nick Housden say in a research note. The German industrial giant will buy the company in an equity deal that values it at about $10.6 billion. Altair shareholders will receive $113 per share in cash. "Altair is a high-quality asset that makes good strategic sense as a complement to [Digital Industries] Software portfolio," they say. The analysts add that the acquisition is within balance sheet capacity. In addition to the transaction, Siemens also said it would sell its airport logistics business to Vanderlande, a subsidiary of Toyota Industries. The sale supports Siemens's long-running simplification strategy, the analysts say. Siemens shares are down 1.1% at 177.54 euros. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
October 31, 2024 04:22 ET (08:22 GMT)
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