Bentley Systems, Incorporated entered into a definitive agreement to acquire Power Line Systems, Inc. from TA Associates Management, L.P. for approximately $700 million.
November 15, 2021
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Bentley Systems, Incorporated (NasdaqGS:BSY) entered into a definitive agreement to acquire Power Line Systems, Inc. from TA Associates Management, L.P. for approximately $700 million on November 16, 2021. The consideration is payable, at BSY's election, in cash or a combination of cash and BSY stock. Bentley Systems, optionality until closing to pay the consideration partially in shares, or as much as fully in cash. Deal structure includes a tax-deductible step-up in basis that we present-value at approximately $90 million. The transaction will be financed from existing $850 million revolving credit facility and remain open to exploring alternative sources of financing i.e. from cash or a combination of cash and equity at Bentley's discretion. Upon closing, Power Line Systems will operate within Bentley's new Grid Integration Group. Power Line Systems' current Chief Executive Officer Otto Lynch reporting to Bentley's Chief Acceleration Officer Santanu Das. The acquisition is subject to customary closing conditions, including HSR Act notification and regulatory approvals. The transaction is expected to close by year end. The acquisition is expected to be accretive to BSY's corresponding financial metrics and also expected to be accretive to Bentley Systems' core revenue and ARR growth rates.
Lazard, Inc. acted as financial advisor and Brian McPeake, Amy Keller, Julia White, Josh Zachariah, and Nick Caro of Goodwin Procter LLP acted as legal advisor to TA Associates. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor and Katie Sudol, Jakob Rendtorff, Marcy Geller, Andrew Purcell, Richard Fenyes, Brian Steinhardt, Peter Guryan, Lori Lesser, Tristan Brown, Kelly Karapetyan, Krista McManus, Michael Isby,Steven DeLott of Simpson Thacher & Bartlett LLP acted as legal advisor to Bentley Systems. Brian McPeake, Amy Keller, Julia White, Josh Zachariah, and Nick Caro of Goodwin Procter LLP acted as legal advisor and Lazard, Inc. acted as financial advisor to Power Line Systems. Paul Hastings LLP represented Goldman Sachs who acted as financial advisor to Bentley Systems in this transaction.
Bentley Systems, Incorporated is an infrastructure engineering software company. The Company offers solutions for enterprises and professionals across the infrastructure lifecycle. Its software enables digital workflows across engineering disciplines, across distributed project teams, and from offices to the field. Its offerings are powered by the iTwin Platform for infrastructure digital twins, include MicroStation and Bentley Open applications for modeling and simulation, Seequentâs software for geoprofessionals, and Bentley Infrastructure Cloud encompassing ProjectWise for project delivery, SYNCHRO for construction management, and AssetWise for asset operations. Its engineering and geoprofessional applications are primarily cloud-connected desktop modeling and simulation applications. Its software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, and water and wastewater, others.
Bentley Systems, Incorporated entered into a definitive agreement to acquire Power Line Systems, Inc. from TA Associates Management, L.P. for approximately $700 million.
BENTLEY SYSTEMS, INCORPORATED 
