By Lisa Kerner
Charlotte, N.C., July 28 - International Business Machines Corp. agreed to acquire SPSS Inc. for $50 per share in an all-cash transaction valued at about $1.2 billion, it was announced on Tuesday.
IBM said it expects to close the deal in the second half of 2009, subject to SPSS shareholder approval and other closing conditions.
The merger agreement includes a $23.5 million termination fee payable by SPSS under specified circumstances, according to a form 8-K filed with the Securities and Exchange Commission.
By acquiring SPSS, IBM will expand its information-on-demand software portfolio and business analytics capabilities as well as strengthen its information agenda initiative, a company news release said.
IBM, based in Armonk, N.Y., develops computer systems, software, storage systems and microelectronics.
SPSS, located in Chicago, provides predictive analytics technology and services.
| Acquirer: | IBM Corp.
|
| Target: | SPSS Inc.
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| Announcement date: | July 28
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| Price per share: | $50.00
|
| Termination fee: | $23.5 million
|
| Expected closing: | Second half of 2009
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| Stock price of target: | Nasdaq: SPSS: $35.09 on July 27
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