Open Text paying $489M for Hummingbird

Open Text paying $489M for Hummingbird. Check it out:
(UPI Business News Via Thomson Dialog NewsEdge) Canadian software maker Open Text Corp. is paying about $489 million to buy Hummingbird Ltd., a smaller domestic rival.

The cash-and-debt deal results in the formation of the world's largest independent provider of enterprise content management software, Open Text said Monday.

The deal was financed with about $58 million in cash from Hummingbird, $25 million in cash from Open Text and a $390 million term loan under new $465 million senior secured revolving and term credit facilities. The $75 million committed revolving term credit facility replaces a smaller revolving credit facility that was terminated.



The seven-year term loan may be prepaid and the revolving credit facility has a five-year term.

Hummingbird's chairman, Fred Sorkin and its chief executive, Barry Litwin, have left the combined company.

Copyright 2006 United Press International
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October 3, 2006 12:34 AM

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