NEW YORK (The Deal) -- France's Dassault Systemes a maker of 3D design software, will make an agreed $750 million bid for San Diego-based Accelrys (ACCL) to gain control of its software used in chemical and biological product life cycle management.
Dassault said on Thursday, Jan. 30, it will offer $12.50 per Accelrys share, a $2.78, or 29%, premium to the target's closing price on Wednesday. The offer values Accelrys at an enterprise value of about $660 million, taking into account about $90 million of cash.
The enterprise value equates to 22 times the target's Ebitda of $30 million, based on an earnings forecast provided in company presentation on Sept. 30.
"The transaction is expected to be completed during the second quarter of 2014, subject to Accelrys shareholders tendering a majority of Accelrys' outstanding shares," Dassault said.
A successful bid will expand Dassault's activities in chemical and biological engineering and secure a ready-made roster of blue chip clients, including drug makers GlaxoSmithKline (GSK) and Pfizer (PFE) , the chemicals units of oil producers Chevron (CVX) and Royal Dutch Shell (RDS.A) and consumer goods and manufacturing giants Procter & Gamble (PG) and Boeing (BA).
The bid is the latest in a spate of bolt-on deals struck by Dassault, which has spent more than $1.5 billion in the past five years to expand the range of services linked to its core 3D design and product lifecycle software. Dassault last month paid 183 million ($249 million) for Germany's Realtime Technology, which produces photographic images of 3D computer models.