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HPE says it has closed the $8.8bn deal to spin off much of its software business with Micro Focus.
The enterprise giant said that the deal – which sees HPE merge the unwanted portion of its software operation with the UK-based Micro Focus to create what analysts estimate to be the seventh-largest software vendor in the world – had been finalized.
"With the completion of this transaction, HPE has achieved a major milestone in becoming a stronger, more focused company, purpose-built to compete and win in today's market," said HPE CEO Meg Whitman.
"And, this transaction will deliver approximately $8.8bn to HPE and its stockholders."
First announced in September 2016, the reverse-takeover agreement sees HPE selling off its IT management, big data, and security lines to Micro Focus, which will try to make the products more successful than they were under the former HP Inc.
Source: https://www.theregister.co.uk/2017/09/01/hpe_8bn_micro_focus_software_spinoff/
(Score: 3, Interesting) by turgid on Sunday September 03 2017, @08:16PM (3 children)
What's the point of these once-mighty corporations? What are they for?
One of my oldest friends ended up working for HP when they acquired EDS. Every year there were redundancies. Every year there were no pay rises (for the non-management staff). Every year more and more jobs were "bestshored." This year he survived the redundancies after his part was de-merged from the main company (effectively back to being EDS again) but managed to find a better job elsewhere. Just as he got his new job, there was another round and almost all of his colleagues who'd survived were laid off. He got out just in time.
So they bought a load of stuff just for the sake of it, and now they need to get rid of it...
Ho hum.
I refuse to engage in a battle of wits with an unarmed opponent [wikipedia.org].
(Score: 4, Informative) by takyon on Sunday September 03 2017, @08:34PM
Classic case of too big to fail (completely). Huge corporation spends billions on an acquisition, hoping to cash in on the next big thing, then sells [theverge.com] or [recode.net] shuts [techcrunch.com] down [venturebeat.com] the [theverge.com] assets [cnn.com] at [wikipedia.org] a [cnet.com] huge [infoworld.com] loss [theguardian.com]. But they can keep on doing it because they have a lot of revenue coming in from somewhere. Well, some of them can.
[SIG] 10/28/2017: Soylent Upgrade v14 [soylentnews.org]
(Score: 4, Insightful) by c0lo on Monday September 04 2017, @01:47AM (1 child)
That was the "synergy" period. Now's the "focus" one.
If there's no significant increase in profits, top level execs need to show activity and utter "strategic words", otherwise there's no bonus.
https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
(Score: 3, Funny) by EETech1 on Monday September 04 2017, @04:45AM
https://www.youtube.com/watch?v=GyV_UG60dD4 [youtube.com]