Micro Focus’s $6 Billion Acquisition by OpenText

On August 25, 2022, Micro Focus and OpenText announced that they have reached agreement on the terms of a recommended all-cash acquisition of the entire share capital of Micro Focus by a subsidiary of Open Text Corporation at a price of 532 pence per share, implying an enterprise value of approximately $6 billion on a fully diluted basis. Cravath is representing Micro Focus as U.S. counsel in connection with the transaction.

The Cravath team is led by partners George F. Schoen and G.J. Ligelis Jr. on M&A matters and partner Philip J. Boeckman on capital markets matters and includes European counsel Nicoleta D. Lupea and associate Johannes K. R. Liefke on M&A matters; partner J. Leonard Teti II on tax matters; partner Eric W. Hilfers on executive compensation and benefits matters; and partner Margaret T. Segall on regulatory matters.