Enterprise software vendor Micro Focus has announced that the US$8.8 billion spin-off and merger of Hewlett Packard Enterprise’s (HPE) software business has now been completed.
“With the completion of this transaction, HPE has achieved a major milestone in becoming a stronger, more focused company, purpose built to compete and win in today’s market,” Meg Whitman, HPE CEO, said in a statement.
“This transaction will deliver approximately US$8.8 billion to HPE and its stockholders.”
UK-based Micro Focus claims it is now the seventh-largest “pure-play” software vendor in the world based on market capitalization, with annual revenue of US$4.4 billion.
First announced in September 2016, the reverse-takeover agreement sees HPE selling off its IT management, big data, and security lines to Micro Focus, which will try to make the products more successful than they were under the former HP.
“Our business strategy remains sound: bringing together software assets that deliver a high degree of value to our investors and an expansive solution portfolio to our customers so they can maximize the value of existing IT investments and adopt new technologies, essentially bridging the old and new,” Micro Focus executive chairman Kevin Loosemore said.
Full Content: The Register
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