Microsoft Corp said yesterday that it has agreed to buy Danish software company Navision in an 11 billion kroner (US$1.3 billion) in stock and cash deal.
The announcement sent Navision's shares soaring 11 percent to 297 kroner (US$36.69) each in early trading at the Copenhagen Stock Exchange.
Under the deal, Navision will become part of Microsoft's Business Solutions division and its corporate headquarters in Vedbaek, just north of the capital, Copenhagen, will be Microsoft's center of development and operations for Europe, the Middle East and Africa.
Microsoft offered Navision shareholders 300 kroner (US$37) per share or Microsoft shares based on a specified exchange ratio, with the total transaction value estimated at about 11 billion kroner (US$1.3 billion), according to a news release. Navision said its board was unanimously recommending shareholders accept the Microsoft offer.
The Danish company, which has some 1,300 employees in 30 countries, would be the first acquisition for Microsoft since December 2000, when it Great Plains Software in a US$1.1 billion deal.
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