Siemens Agrees to Buy Software Group Altair for $10 Billion (3)

Siemens AG has agreed to buy software maker Altair Engineering Inc. for an enterprise value of $10 billion, furthering the German engineering giant’s migration to higher margin, software-driven product lines.

In its largest-ever acquisition, Siemens will pay Altair investors $113 a share, according to a statement. The transaction, expected to close in the second half of next year, represents a 19% premium to Altair’s Oct. 21 closing price, the last trading day prior to reports regarding a possible acquisition.

The equity value of the Siemens deal is $10.6 billion, according to the statement, which confirmed an earlier report ...