OpenText has agreed to sell its application modernization and connectivity business, which was formerly part of Micro Focus, to Rocket Software Inc. for approximately $2.3 billion. The transaction, announced Nov. 28, is expected to close in the second quarter of 2024. Waltham, Massachusetts-based Rocket Software was advised by a Kirkland & Ellis team led by corporate partners Chris Elder, Matthew O’Brien and Andrew Struckmeyer. OpenText, which is based in Waterloo, Canada, was represented by Cleary Gottlieb Steen & Hamilton. The Cleary Gottlieb team was led by partners Jim Langston and Chris Moore.
Technology
November 29, 2023, 8:45 AM