WiseTech shares drop as it closes $3.3b e2open buyout
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More news: Shares in WiseTech Global fell after the logistics software group completed its $3.25 billion acquisition of NYSE-listed e2open.
WiseTech shares were down 2.1% to $113.92 at 2pm AEST, while the wider technology sector gained 0.46%. The company's share price has climbed 23% over the last 12 months.
WiseTech Global seals $3.3b acquisition of e2open
The news: Software giant WiseTech Global has completed its acquisition of New York-listed e2open for USD2.1 billion ($3.25 billion).
The context: The deal, announced in May, is WiseTech's largest acquisition to date and fully debt-funded from a new syndicated facility.
Texas-based e2open is a provider of cloud-based, supply chain software to manufacturers and retailers.
What they said: New WiseTech chief executive Zubin Appoo commented: "E2open is a strategic acquisition of a group of valuable products, with a strong customer base, extensive cloud-based network and deeply capable people and products that enable global trade and supply chain".
"The acquisition significantly adds to our total addressable global market with very little product overlap globally," he said.
The source: ASX
