ECM developer Open Text Corporation announced its entry into a definitive agreement to acquire digital content management firm Nstein Technologies. Open Text will acquire all issued and outstanding common shares of Nstein through a shareholder-approved amalgamation with a subsidiary of Open Text. Current Nstein shareholders will receive $0.65 CDN (approx. $0.62 US) per share, representing a total transaction valued at $35 million CDN (approx. $33.6 million US).
The transaction is expected to close in the second calendar quarter, subject to customary closing conditions, including approval of two-thirds of the votes cast by Nstein shareholders, as well as regulatory approval. A shareholder meeting will be held in early April to consider the amalgation.