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Siemens snaps up US software firm for $4.5 billion

AFP
The new Siemens headquarters, pictured prior the opening ceremony in Munich, southern Germany, in June 2016

German industrial giant Siemens on Monday said it would buy US software firm Mentor Graphics for $4.5 billion, building out its offer to high-tech manufacturing industries.

Oregon-based Mentor employs more than 5,700 people and produces software used to design electronics products, especially integrated circuits.

The deal would "complement our strong offering in mechanics and software with design, test and simulation of electrical and electronic systems," Siemens board member Klaus Helmrich said.

In a statement, Siemens said its offer of $37.25 per share in cash -- a 21-percent premium on Mentor's Friday closing price -- had been accepted by the US firm's board, but still needed to be approved by shareholders.

The German firm said it would provide more details about the purchase at a press conference later on Monday.