Open Text Puts Up $1B For PE-Backed Cloud-Computing Firm

Law360, New York (November 5, 2013, 12:01 PM EST) -- Canadian software company Open Text Corp. will put up $1.17 billion for private equity-backed GXS Group Inc., it said Tuesday, adding to its cloud-computing offerings as businesses increasingly look to Internet-hosted services to streamline operations and save money.

Under the terms of the cash-and-stock deal, Open Text will fork over about $1.07 billion in cash plus $100 million of its common shares, good for a stake of roughly 2.4 percent. The Canadian company said it had nailed down up to $800 million in new debt financing...
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