Database vendor Informix announced on Tuesday a definitive agreement to acquire data warehousing provider Ardent Software in a stock swap deal valued at $US880 million.
Under the terms of the agreement, approved by both companies' boards of directors, each outstanding Ardent share will be exchanged for 3.5 shares of Informix common stock, the companies said in a joint statement. The value of the transaction is based on the November 30 closing price of Informix stock.
Still subject to stockholder approval and customary regulatory reviews, the deal is expected to close in the first quarter of 2000, the statement said.
By joining forces, Informix and Ardent together aim to become a software infrastructure provider for the Internet economy, the companies said.