OpenText will use Rocket Software divestment to repay debt

Chicago, Nov. 28 – OpenText Corp. will use the $2.275 billion sale of its application modernization and connectivity business to Rocket Software, Inc. to reduce debt, according to a press release.

Net proceeds will be applied to the company’s acquisition term loan and term loan B.

The transaction is expected to close in the fourth fiscal quarter ending June 30, 2024.

Goldman Sachs & Co. LLC is the financial adviser to OpenText, and Cleary Gottlieb Steen & Hamilton LLP is acting as legal adviser to OpenText.

OpenText is a Waterloo, Ont.-based provider of enterprise information management, helping companies securely capture, govern and exchange information.

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