Altair engineering inc. (nasdaqgs:altr) acquired 97% stake in polliwog corporation from its existing shareholders for approximately $26.3 million.

Altair engineering inc. (nasdaqgs:altr) acquired 97% stake in polliwog corporation from its existing shareholders for approximately $26.3 million on october 7, 2019. the consideration under the stock purchase agreement consists of $10.7 million in cash, subject to a customary working capital adjustment, and an aggregate of 0.46 million shares of the altair’s class a common stock. forty percent of the stock consideration (i.e., 0.18 million shares) was issued at closing and is subject to customary securities law restrictions on transferability for the first six months after the closing. the remaining sixty percent (an aggregate of 0.27 million shares) of the stock consideration will be issuable in equal installments of 0.091 million shares on each of the one, two and three year anniversaries of the closing, subject to potential reduction in certain circumstances. in a related transaction, altair engineering inc. entered into a separate stock purchase agreement with one of such stockholders to acquire the remaining 3% of the outstanding polliwog shares in october 2022. in connection with the closing under the agreement, each of the existing polliwog stockholders has entered into customary restrictive covenants agreements and releases in favor of altair engineering inc. altair engineering inc. (nasdaqgs:altr) completed the acquisition of 97% stake in polliwog corporation on october 7, 2019.
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