Hexagon AB (publ) (OM:HEXA B) entered into an agreement to acquire Global Enterprise Asset Management (EAM) business of Infor, Inc. for approximately $2.8 billion on July 6, 2021. The purchase price is on a cash and debt free basis. Under the terms of the agreement, Hexagon AB will pay $800 million in cash and issue 132.6 million series B shares to Koch, parent of Infor, Inc. in accordance with the mandate granted by the Annual General Meeting 2021. The exact total purchase price is dependent on the share price at the closing of the transaction. After the completion of the transaction, Koch will own 4.9% of the equity in Hexagon AB and become a long-term, active shareholder in addition to the business partnership. The cash consideration will be fully financed via existing debt facilities of Hexagon. Following the acquisition, the Global Enterprise Asset Management (EAM) business of Infor, Inc. (Infor EAM) will be reported under Hexagon's Industrial Enterprise Solutions segment but serve all Hexagon businesses focused on asset-intensive ecosystems like manufacturing, industrial facilities, mines, farms, autonomous mobility, buildings, infrastructure, cities & nations, and defense. For the year ended 2020, Infor EAM reported revenue of $167 million.

Hexagon's main shareholder, MSAB, has the intention of suggesting Brett Watson, President of Koch Equity Development, to the Hexagon nomination committee for nomination to the Board of Directors as soon as feasible post-closing. Completion of the transaction is subject to regulatory approvals and other customary conditions, which are expected to be fully completed during the fourth quarter 2021. Completion of the transaction is also subject to various other contractual clauses, including certain rights in the event of a material adverse change in relation to the parties' businesses or valuations. Given the strong fit of Infor EAM across Hexagon's businesses, the transaction is expected to generate sales synergies, growing to approximately $100 million by 2026. Including the new shares, the acquisition is expected to be accretive to Hexagon's adjusted earnings per share (before PPA and other purchase accounting adjustments) as of closing. Bryan E. Davis, Michael Green and George M. Hunter of Jones Day acted as legal advisor for Infor and Koch Industries. The Goldman Sachs Group, Inc. (NYSE:GS) and David Baron and Aleks Moser of Rothschild & Co SCA (ENXTPA:ROTH) acted as financial advisor to Infor, Inc. and Koch Equity Development, LLC. Scott Brandman and Justin Whittenburg of Baker & McKenzie LLP acted as legal advisor to Infor.