WASHINGTON (dpa-AFX) - Riverbed Technology Inc. (RVBD) said Monday that it has entered into a definitive agreement to acquire Opnet Technologies Inc. (OPNT) for $43 per share in cash and stock, representing an equity value of $1 billion and an enterprise value of $921 million.
Riverbed said that it will combine Opnet with its Cascade business unit. The transaction is expected to be accretive to Riverbed's 2013 earnings per share on a non-GAAP basis. Leveraging the Riverbed brand, channels and infrastructure, Riverbed expects meaningful revenue and operating synergies in 2014.
As per the terms of the agreement, Riverbed will acquire all of the outstanding shares of Opnet common stock pursuant to an exchange offer, followed by a second step merger. In the exchange offer and the merger, Opnet stockholders will receive for each Opnet share they own: (i) $36.55 in cash; and (ii) 0.2774 of a share of Riverbed common stock. The cash portion of the offer consideration will be financed through Riverbed's existing cash on hand and new debt.
The exchange offer is subject to customary closing conditions, and is expected to close before December 31, 2012.
Riverbed said it has received financing commitments from Morgan Stanley and Goldman, Sachs & Co.
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