|
Parametric in $260M deal
|
 |
November 4, 1997: 12:16 p.m. ET
Software maker acquires Computervision Corp. in stock swap
|
NEW YORK (CNNfn) - Automation software maker Parametric Technology Corp. on Tuesday said it will buy Computervision Corp. for $260 million in stock.
As part of the tax-free deal, Parametric will exchange .0866 of its stock for each share of Computervision stock, the companies said.
The acquisition will broaden Parametric's presence in the automotive and aerospace industries, said Steven Walske, chief executive of Parametric. The company is headquartered in Waltham, Mass.
"We immediately gain both depth and industry-specific expertise in our product development organization," Walske said.
Computervision's customers include the Airbus Consortium, Rolls-Royce Aerospace Group, and Peugeot Citroen. The company, based in Bedford, Mass., is a leading supplier of CAD/CAM software.
"We view the continuation of key customer partnerships … as meaningful growth opportunities," Walske said.
Computervision's stock (CVN) was up 1/2 at 3-9/16, or 16 percent, in early trading on the New York Stock Exchange.
Parametric stock (PMTC) was down 1/4 at 45-1/8 in early trading on the Nasdaq market.
|
|
|
|
|
 |
|
.
