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OpenText will pay 532 pence ($6.30) in cash for each Micro Focus share and the deal is expected to close in the first quarter of 2023.
Micro Focus helps customers maintain and integrate legacy IT technology, a business it has grown by acquiring legacy technology such as mainframe computer software used by banks, retailers and airlines.
Waterloo-based OpenText, one of Canada’s largest software makers, said it expects cost synergies of $400 million after the deal closes.
The company’s U.S-listed shares were down 1% in after-hours trading on Thursday.
($1 = 0.8448 pounds)
