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| Corporate Headquarters — One Eagle Square, Suite 509, Concord, NH 03301 | ||||
| Telephone (603) 224-1117 | Fax (603) 224-6673 | |||
| Contact: Brian A. Byrne | ||||
FOR IMMEDIATE RELEASE
Aavid Thermal Technologies, Inc. to be Acquired by ANSYS, Inc.
Company’s Thermal Management Solutions Businesses To Operate Independently
CONCORD, N.H., February 16, 2006 — Aavid Thermal Technologies, Inc. (the “Company”), a
leading developer of computational fluid dynamics (“CFD”) software and provider of thermal
management solutions for electronics, today announced that it has signed a definitive agreement to
be acquired by ANSYS, Inc. (“Ansys”; Nasdaq: ANSS), a global innovator of simulation software and
technologies designed to optimize product development processes. Prior to the closing of the
transaction, the Company’s thermal management solutions business
Aavid Thermalloy, LLC (“Aavid Thermalloy”) will be
spun-off to the Company’s stockholders, including Willis Stein & Partners (“Willis Stein”), a
leading Chicago-based private investment firm and the Company’s controlling stockholder. Aavid
Thermalloy will continue operating as a standalone business.
Under the terms of the definitive agreement, Ansys will issue 6,000,000 shares of its common
stock and pay approximately $300 million, net cash, to the stockholders of the Company and certain
of its affiliates, subject to certain adjustments at closing. The transaction is valued at
approximately $565 million based on the $44.11 per share closing price of Ansys common stock on
February 15, 2006. Ansys will use a combination of existing cash and approximately $200 million
from committed bank financing to fund the transaction, including repayment and redemption at
closing of the Company’s outstanding senior and subordinated debt.
The operating business to be acquired by Ansys is comprised of Fluent Inc. and its
subsidiaries (collectively, “Fluent”), a global supplier of CFD software technologies and services.
Fluent’s offerings enable engineers and designers to simulate fluid flow,
The following information was filed by Aavid Thermal Technologies Inc on Thursday, February 16, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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1003481 Annual Reports
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10-K Annual Report April 2006
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- 10-K Annual Report March 2004
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Aavid Thermal Technologies Inc provided additional information to their SEC Filing as exhibits
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CIK: 1003481
Form Type: 10-K Annual Report
Accession Number: 0000950135-06-002392
Submitted to the SEC: Fri Apr 14 2006 11:31:48 AM EST
Accepted by the SEC: Fri Apr 14 2006
Period: Saturday, December 31, 2005
Industry: Electronic Components
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