OpenText (NASDAQ:OTEX) sells AMC for $2.3B, aims to slash debt

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OpenText (NASDAQ:OTEX) sells AMC for $2.3B, aims to slash debt

Full story: https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340

Open Text Corporation (NASDAQ:OTEX) has announced the successful completion of its divestiture of the AMC/Mainframe business to Rocket Software, a Bain Capital portfolio company, for $2.275 billion in cash before taxes, fees, and other adjustments.

Mark J. Barrenechea, CEO & CTO of OpenText, expressed satisfaction with the deal, stating, "We are pleased to complete the divestiture of our AMC/Mainframe business to Rocket Software.”

He further detailed the company's plans for the proceeds, noting, "We intend to use the net proceeds from the divestiture to reduce our debt by $2 billion and lower our net leverage ratio to under 3x."

The transaction allows Open Text to sharpen its focus on core areas such as the Cloud, Security, and AI markets, which are pivotal for the future of Information Management.

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Grafa
·05-01
Read the full story https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340
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Barrenechea, CEO &amp; CTO of OpenText, expressed satisfaction with the deal, stating, \"We are pleased to complete the divestiture of our AMC/Mainframe business to Rocket Software.” \nHe further detailed the company's plans for the proceeds, noting, \"We intend to use the net proceeds from the divestiture to reduce our debt by $2 billion and lower our net leverage ratio to under 3x.\" \nThe transaction allows Open Text to sharpen its focus on core areas such as the Cloud, Security, and AI markets, which are pivotal for the future of Information Management. \n&nbsp;</body></html>","htmlText":"<html><head></head><body><img src=\"https://community-static.tradeup.com/news/f238efb3ec89642da436685e9ec454db\">\nFull story: <a href=\"https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340?utm_source=ttmfinancial&amp;medium=social&amp;campaign=216340&amp;referralcode=A314DFDBE96C354756A893C6E3E02493\">https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340</a>\nOpen Text Corporation (NASDAQ:OTEX) has announced the successful completion of its divestiture of the AMC/Mainframe business to Rocket Software, a Bain Capital portfolio company, for $2.275 billion in cash before taxes, fees, and other adjustments. \nMark J. Barrenechea, CEO &amp; CTO of OpenText, expressed satisfaction with the deal, stating, \"We are pleased to complete the divestiture of our AMC/Mainframe business to Rocket Software.” \nHe further detailed the company's plans for the proceeds, noting, \"We intend to use the net proceeds from the divestiture to reduce our debt by $2 billion and lower our net leverage ratio to under 3x.\" \nThe transaction allows Open Text to sharpen its focus on core areas such as the Cloud, Security, and AI markets, which are pivotal for the future of Information Management. \n&nbsp;</body></html>","text":"Full story: https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340 Open Text Corporation (NASDAQ:OTEX) has announced the successful completion of its divestiture of the AMC/Mainframe business to Rocket Software, a Bain Capital portfolio company, for $2.275 billion in cash before taxes, fees, and other adjustments. Mark J. Barrenechea, CEO & CTO of OpenText, expressed satisfaction with the deal, stating, \"We are pleased to complete the divestiture of our AMC/Mainframe business to Rocket Software.” He further detailed the company's plans for the proceeds, noting, \"We intend to use the net proceeds from the divestiture to reduce our debt by $2 billion and lower our net leverage ratio to under 3x.\" The transaction allows Open Text to sharpen its focus on core areas such as the Cloud, Security, and AI markets, which are pivotal for the future of Information Management.","highlighted":1,"essential":1,"paper":2,"likeSize":2,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/301283017830536","repostId":0,"isVote":1,"tweetType":1,"viewCount":65,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["NDAQ","OTEX","AMC","NQmain",".IXIC"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":784,"xxTargetLangEnum":"ORIG"},"commentList":[{"id":301282610004032,"gmtCreate":1714574847845,"gmtModify":1714575085857,"authorId":4169784042383112,"author":{"id":4169784042383112,"authorId":4169784042383112,"name":"Grafa","avatar":"https://community-static.tradeup.com/news/ec1614006170d0aa3182195a94e8944d","vip":2,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":301283017830536,"type":1,"supId":0,"prevId":0,"content":"Read the full story <a href=\"https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340?utm_source=ttmfinancial&amp;medium=social&amp;campaign=216340&amp;referralcode=A314DFDBE96C354756A893C6E3E02493\">https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340</a>","text":"Read the full story <a href=\"https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340?utm_source=ttmfinancial&amp;medium=social&amp;campaign=216340&amp;referralcode=A314DFDBE96C354756A893C6E3E02493\">https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340</a>","html":"Read the full story <a href=\"https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340?utm_source=ttmfinancial&amp;medium=social&amp;campaign=216340&amp;referralcode=A314DFDBE96C354756A893C6E3E02493\">https://grafa.com/news/opentext--nasdaq-otex--sells-amc-for--2-3b--aims-to-slash-debt-216340</a>","likeSize":1,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0}],"hasMoreComment":true,"orderType":2}