US firm Aspen Technology has snapped up UK oil and gas software company KBC in a £158million deal.
The boards of both companies have agreed on a recommended all cash acquisition by Global Optimisation, a wholly-owned subsidiary of AspenTech, of the entire issued and to be issued share capital of KBC.
The acquisition values the entire issued and to be issued share capital of KBC at around 158 million pounds on a fully diluted basis.
The offer price offers a premium of about 49.2% to the closing price per KBC share of 124 pence on January 11.
It is expected that the transaction will close in the first calendar quarter of 2016.
KBC provides strategic consulting and software to the oil and gas industry, in particular oil refining, refinery-integrated petrochemicals and oil production assets.
AspenTech chief executive Antonio Pietri, said: “We believe combining KBC’s industry leading reactor software models with AspenTech’s strength in engineering design will create a highly differentiated solution for the refining industry.”
Ian Godden, chairman of KBC, said: “AspenTech is a strong partner that can continue to develop KBC’s business. Following the transaction, KBC will become a key part of AspenTech’s business and will continue to provide its market leading solutions to the customers we serve.”