Summary by Futu AI
On January 15, 2024, Ansys, Inc. entered into a definitive merger agreement with Synopsys, Inc. and ALTA Acquisition Corp., a subsidiary of Synopsys. The merger, subject to customary closing conditions, will result in Ansys becoming a wholly owned subsidiary of Synopsys. Ansys' Board has unanimously approved the agreement and recommends stockholders adopt it. At the merger's effective time, Ansys stockholders will receive a mix of Synopsys stock and cash for each Ansys share, with the exchange ratio implying Ansys equityholders will own approximately 16.5% of the combined entity. The merger will delist Ansys from the Nasdaq Global Select Market. The transaction is expected to close in the first half of 2025, with Ansys and Synopsys anticipating significant cost and revenue synergies. Additionally, Ansys reported preliminary results indicating its fourth quarter annual contract value (ACV) for fiscal year 2023 is expected to exceed guidance, projecting approximately $2.3 billion in ACV and a growth of around 13%.