Edmonton-based Matrikon Inc. is being sold to technology giant Honeywell International for $145 million.
“If you look at what we have accomplished over the last number of years, especially with the evolution of our next-generation technology and the acceptance of that in the marketplace, we became an attractive target for a company like Honeywell,” said CEO Nizar Somji, who launched the industrial software firm in 1988.
Honeywell will pay $4.50 cash per share for Matrikon, a 21-percent premium over the company’s average share price over the last 30 days.
The deal was unanimously approved by Matrikon’s board members, who have pledged to sell 52 per cent of the shares they control to Honeywell.
Somji has also agreed to sell his shares.
Ismailimail 