SAN RAFAEL, CA — Autodesk, Inc. (NASDAQ: ADSK) today announced its intention to acquire Delcam (LON: DLC), one of the world’s leading suppliers of advanced software for the manufacturing industry.
Autodesk plans to acquire Delcam for £20.75 per share or approximately £172.5 million. The transaction will be structured as a cash offer for all the outstanding shares of Delcam, is subject to customary closing conditions including regulatory approvals, and is expected to close in Autodesk’s first quarter of fiscal 2015. Autodesk expects to use its non-U.S.-based cash for the transaction.
“Today we are taking an important step on our path toward delivering a better manufacturing experience,” said Carl Bass, Autodesk president and CEO. “Together Autodesk and Delcam will help further the development and implementation of technology for digital manufacturing.”
Headquartered in Birmingham, UK, Delcam is one of the world’s leading suppliers of advanced CADCAM and industrial measurement solutions for the manufacturing industry. Delcam’s range of design, manufacturing and inspection software provides automated CADCAM solutions for a variety of industries, ranging from aerospace to toys and sports equipment.
The company has more than 30 offices worldwide, approximately 600 employees, reported revenues for its fiscal 2012 of £47.1 million, and its shares trade on the London Stock Exchange under the ticker symbol “DLC.”
“I am very excited by the opportunities from combining Delcam with Autodesk to create a compelling platform from which to service both companies’ manufacturing clients,” said Clive Martell, Delcam CEO. “The offer is at a level which recognizes the potential of Delcam and provides an attractive opportunity for shareholders to realize value for their current holdings in cash, while at the same time opening up new opportunities for our staff and partners operating within the wider platform of the Autodesk group.”
Assuming the transaction is completed in the first quarter of fiscal 2015, this transaction is expected to have no impact on Autodesk’s guidance issued on October 2, 2013. Autodesk expects this transaction to be dilutive to its non-GAAP earnings in fiscal 2015 and accretive to its non-GAAP earnings in fiscal 2016.* The company will provide more details about the impact of the transaction on its fourth quarter conference call, currently scheduled for February 2014.
* This statement regarding earnings is not intended to be a profit forecast and should not be interpreted to mean that the earnings per Autodesk share for the current or future financial periods will necessarily be greater than those for the relevant preceding financial period. Autodesk is not able to provide statements regarding dilution of or accretion to GAAP earnings at this time because of the difficulty of estimating certain items that are excluded from non-GAAP earnings, such as charges related to stock-based compensation expense and amortization of acquisition related intangibles, the effect of which may be significant.
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