Autodesk Plans To Acquire Delcam For About £172.5 Mln

(RTTNews) - Autodesk, Inc. (ADSK) said its subsidiary Autodesk Development B.V. plans to acquire Birmingham, UK-based Delcam for 20.75 pounds per share or about 172.5 million pounds. Delcam is a supplier of advanced CADCAM and industrial measurement solutions for the manufacturing industry.

The deal, to be structured as a cash offer, is subject to customary closing conditions and is expected to close in the first quarter of fiscal 2015. Autodesk said it expects to use its non-U.S.-based cash for the transaction.

AutoDesk said this acquisition would have no impact on its guidance issued on October 2, and that it expects this transaction to be dilutive to its non-GAAP earnings in fiscal 2015 and accretive to its non-GAAP earnings in fiscal 2016.

Meanwhile, UK-based engineering firm Renishaw (RSW.L), which holds about 1.54 million shares in Delcam, said this sale would fetch the company proceeds of about 32 million pounds. Renishaw had acquired shares in 2007, with further acquistion in 2011. Renishaw said it intends to use the sale proceeds for general corporate purposes and to support ongoing investment in its business.