Carbonite Agrees To Be Acquired By OpenText In $1.42 Bln Deal

(RTTNews) - Carbonite Inc. (CARB) said that it agreed to be acquired by OpenText (OTEX,OTEX.TO) for $23.00 per Carbonite share in cash, valuing Carbonite at an enterprise value of about $1.42 billion.

The deal price represents a 78% premium to Carbonite's unaffected closing stock price on September 5, 2019, the last trading day before a media report was published speculating about a potential sale process.

OpenText said it plans to commence the tender offer for all of the shares of common stock of Carbonite within 10 business days. The transaction is expected to close within 90 days.

Carbonite reported that its net loss for the third quarter ended September 30, 2019 was $14.0 million, compared to net income of $0.6 million in 2018.

Revenue was $125.6 million increased 62% year-over-year. Non-GAAP revenue was $135.0 million up 71% year-over-year from last year.