AspenTech to acquire Hyprotech
13 May 2002
AspenTech has agreed to pay $99 million in cash to acquire Hyprotech, a supplier of process simulation and engineering software and services to the petroleum industry, from AEA Technology.
Excluding one-time charges of approximately $20 million, the company does not expect any dilutive impact in the fourth quarter of fiscal 2002.
For fiscal 2003, AspenTech anticipates total revenues will be around $437 million, with earnings per share of approximately $0.55, excluding preferred stock dividends and discount accretion. This represents an increase of 31% from previous earnings guidance.
In a separate release, AspenTech announced it has entered into an agreement to receive up to approximately $50 million of gross proceeds from the issuance of 4.2 million shares of common stock and related warrants in a private placement.
In addition to AspenTech's current cash balances, these proceeds are expected to fund the acquisition of Hyprotech, which is expected to close in June 2002 subject to a vote of approval by AEA Technology shareholders.
AspenTech will integrate Hyprotech into its newly created engineering products business unit.
