May 26, 2017

Micro Focus’ $8.8bn software acquisition approved by investors

Micro Focus shareholders have overwhelmingly approved the British technology company's acquisition of HP Enterprise's software business, a deal that has propelled the Newbury-based group into the FTSE 100. The HP deal is the largest acquisition to date by Micro Focus, a previously mid-sized UK technology business that managed legacy software systems for large companies, including Tesco, the retailer. Micro Focus bought Serena Software for $540m last year and Attachmate for $1.2bn in 2014. The HP Enterprise acquisition includes the former operations of Autonomy, the Cambridge software developer that was once a FTSE 100 constituent before it was acquired for $11bn by Hewlett-Packard in 2011. Micro Focus agreed to pay $2.5bn to HP Enterprise as part of the agreement while the US company's shareholders received a 50.1 per cent stake in the newly merged company.

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