Asia Tech Wire (Oct 31) -- German tech giant Siemens AG announced Wednesday that it has agreed to spend $10 billion to acquire engineering software firm Altair Engineering Inc. in an all-cash deal.

Siemens will pay $113 per share in cash for Altair, which has a valuation of $10 billion.

The offer represents a 19% premium to Altair's unaffected closing price on October 21, 2024.

Headquartered in Michigan, Altair sells data analytics technology and services to large enterprise customers in industrial manufacturing, consumer products, energy and other industries.

Bloomberg reported last week on the acquisition talks between the two companies, saying the deal would be one of Siemens' biggest takeover deals.