Altair Engineering Completes $9.7 Billion Acquisition by Siemens Industry Software

March 28, 2025 — Altair Engineering Inc. has officially been acquired by Siemens Industry Software Inc. in a transaction valued at approximately $9.7 billion, as disclosed in a Form 8-K filing with the SEC. The deal, first announced in October 2024, was completed on March 26, 2025, resulting in Altair becoming a wholly owned subsidiary of Siemens.

Merger Terms
Under the terms of the merger agreement:
- Altair shareholders received $113.00 in cash per share for each Class A and Class B common share.
- All Altair equity awards (including stock options and RSUs) were either paid out or converted into cash awards based on vesting schedules, with unvested grants continuing to vest under Siemens’ terms.
- The transaction triggered a Share Exchange Event, Fundamental Change, and Make-Whole Fundamental Change under the terms of Altair’s outstanding 1.750% Convertible Senior Notes due 2027. Each $1,000 principal amount of Notes can now be converted into cash payments of $1,618.79 if converted during the make-whole period.

Delisting and Deregistration
Following the merger:
- Altair’s Class A Common Stock has been delisted from the NASDAQ Global Select Market, effective after market close on March 26, 2025.
- A Form 25 will be filed to formally remove the listing, followed by a Form 15 to suspend public reporting obligations under the Exchange Act.

Leadership Transition
As part of the merger, Altair’s CEO James R. Scapa, CFO Matthew Brown, and COO Stephanie Buckner stepped down.
Siemens appointed Anthony L. Hemmelgarn as CEO and Timo Nentwich as CFO of the surviving corporation.
The former Altair Board was replaced by directors from Astra Merger Sub Inc., a Siemens subsidiary.

Additional Changes
Altair’s previous credit agreement with JPMorgan Chase Bank was terminated as of the merger closing, with no outstanding loans except for one unsecured letter of credit.
Altair's certificate of incorporation and bylaws were amended and restated in line with Siemens’ governance standards.

Altair, a global provider of simulation, high-performance computing, and AI software, now joins Siemens’ expansive software portfolio, positioning the company for deeper integration into Siemens’ industrial digital transformation strategy.