Cadence To Acquire BETA CAE For $1.24 Bln

(RTTNews) - Cadence Design Systems, Inc. (CDNS) announced on Tuesday that it has agreed to acquire BETA CAE Systems International AG, a top provider of multi-domain, engineering simulation solutions.

This move is set to strengthen Cadence's Intelligent System Design strategy by expanding its system analysis offerings and allowing entry into the structural analysis sector.

The acquisition, valued at around $1.24 billion, will involve 60 percent cash payment and 40 percent issuance of Cadence common stock to current BETA CAE shareholders.

To finance the cash aspect of the deal, Cadence plans to secure new debt financing.

The acquisition is slated to be completed in the second quarter of 2024.