WATERLOO, ONT. — OpenText has signed a deal to buy U.S. company Zix Corp. Inc. in a deal valued at US$860 million, including debt.
Under the deal, Ontario-based OpenText will pay US$8.50 per share in cash for the company.
Zix specializes in cloud email security, threat protection and compliance cloud solutions for small and medium-sized businesses.
The deal follows a strategic review by Zix that was triggered by several unsolicited approaches.
The offer requires more than two-thirds of Zix's shares to be tendered to the bid as well as other regulatory approvals and customary closing conditions.
OpenText says holders of 31 per cent of Zix's issued and outstanding shares have already agreed to tender to the offer.
This report by The Canadian Press was first published Nov. 8, 2021.
Companies in this story: (TSX:OTEX)
The Canadian Press