secwatch.observer — SEC 8-K summary
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Issuer:     OPEN TEXT CORP (OTEX)
CIK:        0001002638
Form:       8-K
Filed at:   2023-01-31T23:59:59+00:00
Accession:  0001002638-23-000003
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 2.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

OpenText closes $5.8B acquisition of Micro Focus; draws $3.585B term loan
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- Total purchase price ~$5.8B inclusive of Micro Focus' cash and debt; 532 pence per share.
- Acquisition funded in part by drawing $3.585B senior secured term loan facility.
- Expected to be accretive to F'23 adjusted EBITDA; net leverage under 3x within 8 quarters.
- Consistent with previously announced $400M cost synergies; ~8% workforce reduction.
- Micro Focus subsidiaries to join term loan and guarantee OpenText's senior notes.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1002638/000100263823000003/0001002638-23-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1002638/000100263823000003/otex-20230131.htm
  HTML page:      https://secwatch.observer/filing/0001002638-23-000003

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