By Lisa Kerner
Charlotte, N.C., Feb. 12 - Verint Systems Inc. entered into a definitive agreement to acquire Witness Systems, Inc. for $27.50 per share in cash.
The total enterprise value of the transaction is roughly $950 million, excluding Witness' cash, according to a news release.
Verint said it plans to fund the transaction through a $650 million debt financing commitment from Lehman Brothers Inc., Deutsche Bank and Credit Suisse, a $293 million preferred stock investment by Comverse Technology, Inc. and the existing cash of the combined company.
The transaction is expected to close in the second quarter of 2007.
Verint, located in Melville, N.Y., provides analytic software-based solutions for security and business intelligence.
Atlanta-based Witness provides software and services that help businesses capture customer intelligence and optimize workforce performance.
| Acquirer: | Verint Systems Inc.
|
| Target: | Witness Systems, Inc.
|
| Payment per share | $27.50
|
| Announcement date: | Feb. 12
|
| Expected closing: | Second quarter of 2007
|
| Stock price for target: | Nasdaq: WITS; $22.27 on Feb. 9
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