Altair-Siemens Merger: Full Breakdown of the $5.1B Deal Approved by Shareholders (ALTR)

In a bold move set to redefine the software and technology landscape, Altair Engineering Inc. has finalized shareholder approval for its $5.1 billion merger with Siemens Industry Software Inc., a wholly owned subsidiary of Siemens AG. The all-cash transaction, offering $113 per share to Altair shareholders, signifies one of the most significant developments in the computational intelligence industry in recent years.

This merger doesn’t just represent a financial transaction—it’s a strategic alignment with long-term implications for digital transformation, simulation technology, and artificial intelligence across global industries.

Let’s walk through everything you need to know.

Timeline of the Altair-Siemens Merger

The Altair-Siemens merger followed a carefully orchestrated timeline, backed by regulatory compliance and board-level commitment from both organizations.

• October 30, 2024: Altair and Siemens Industry Software signed the Agreement and Plan of Merger. The board of directors of both companies approved the terms unanimously​.

• December 2024: The deal terms were distributed to shareholders, and preparations began for a special meeting.

• January 16, 2025: Altair filed Form 8-K with the Securities and Exchange Commission (SEC), detailing the merger proposal and upcoming vote​.

• January 22, 2025: A special meeting of shareholders was held. The result? Stockholders overwhelmingly voted in favor of adopting the merger agreement​.

• Early 2025 (Projected): Subject to regulatory clearance and closing conditions, the merger is expected to be completed.

Financial Highlights: $113 Per Share in Cash

The transaction values Altair at approximately $5.1 billion. Shareholders will receive $113 per share in cash—an attractive premium from nearly every angle:

• 19% premium over the closing stock price on October 21, 2024 (just before the media started speculating about a potential acquisition)

• 23% premium over the six-month volume-weighted average closing price

• 51% premium compared to Altair's stock price as of December 21, 2023​

All told, this was an offer too good to ignore for investors.

Siemens' Strategic Motive: Supercharging its Digital Toolkit

Why is Siemens investing over $5 billion in Altair? It’s all about strengthening its digital industries portfolio and creating a more robust offering in simulation, artificial intelligence, and cloud-based analytics.

Siemens has long been at the forefront of industrial software innovation, with its Xcelerator platform leading the charge. By acquiring Altair, Siemens gains:

• Industry-leading simulation software for engineering and design

• High-performance computing (HPC) solutions that scale across enterprises

• A portfolio of artificial intelligence and data analytics products

• Access to Altair’s long-standing client base in industries like automotive, aerospace, energy, and manufacturing

With Altair’s technology in hand, Siemens is better positioned to accelerate its vision of digital twin technology, real-time data simulation, and intelligent infrastructure.

What Shareholders Can Expect

For Altair investors, the path forward is straightforward:

• Shareholders will receive $113 in cash per share

• Altair will cease to be a publicly traded company and will be delisted from Nasdaq

• Post-merger, Altair will operate as a wholly owned subsidiary of Siemens Industry Software

• Shareholders who dissent from the merger may exercise appraisal rights under Delaware law​

This means shareholders must act promptly if they choose to oppose the deal and pursue fair value via legal appraisal.

How the Deal is Structured

The merger has been structured as follows:

• Siemens created a wholly owned subsidiary, Astra Merger Sub Inc., for the purpose of executing the transaction.

• Astra Merger Sub will merge with and into Altair, with Altair as the surviving entity.

• The merged company will retain its headquarters in Troy, Michigan, but will be wholly controlled by Siemens.

• Class A and Class B shares of Altair were entitled to vote, with Class B shares receiving ten votes per share and Class A receiving one. The shareholder vote met the required threshold​.

Altair’s Perspective: Why the Deal Makes Sense

Altair’s board of directors reviewed the deal extensively and came to several conclusions:

• The transaction is financially compelling, offering a premium valuation for shareholders.

• Siemens' global infrastructure and financial backing provide a powerful springboard for Altair’s continued growth.

• The merger enhances Altair’s ability to scale innovation and invest in R&D without the short-term pressure of quarterly earnings reports.

The board unanimously recommended that shareholders vote in favor of the merger, stating it is in the best interest of Altair and its stakeholders.

Potential Risks and Forward-Looking Considerations

Despite its promising upside, the deal comes with typical merger-related risks, which were disclosed in SEC filings:

• Regulatory approvals could delay or complicate the closing.

• Integration challenges may impact existing operations, clients, or employee morale.

• Market or geopolitical volatility could affect expected financial performance.

• The announcement and transition phase could lead to the loss of key customers or staff.

• Legal challenges from dissenting shareholders could arise​.

These risks, while not unusual for deals of this scale, must be acknowledged.

Implications for the Tech Landscape

This isn’t just a win for Siemens and Altair—it sends a signal to the broader tech and engineering software ecosystem.

• Siemens is clearly doubling down on AI-driven simulation and data analytics, consolidating its role as a global tech leader.

• Altair becomes part of a larger machine, with the potential to scale more rapidly under Siemens' expansive network.

• Competitors like Ansys, Synopsys, and Dassault Systèmes will undoubtedly watch closely, perhaps recalibrating their own strategies.

The deal also affirms the importance of high-fidelity modeling and simulation tools in driving smart manufacturing, sustainable product design, and next-generation infrastructure.

The Road Ahead: Integration, Innovation, and Industry Impact

As this merger moves into the integration phase, much attention will turn to how Siemens and Altair align culturally and operationally. Mergers of this scale are as much about people and processes as they are about technology.

• For employees, new opportunities may emerge under Siemens’ broader umbrella.

• For customers, enhanced product offerings and expanded service capabilities are likely to follow.

• For competitors, this merger raises the bar on innovation and scale.

Ultimately, the Altair-Siemens merger highlights a growing trend: large industrial and technology firms acquiring specialized software innovators to accelerate their digital transformation journeys.

Final Thoughts

In a world where data drives decisions, and simulation shapes reality, this merger is more than a headline—it’s a turning point.

The Siemens-Altair merger reflects the increasing convergence of operational technology and digital intelligence. It’s a story of alignment, ambition, and the belief that smarter tools can lead to a smarter, more sustainable world.

And for Altair shareholders, it’s the kind of exit that doesn’t just meet expectations—it exceeds them.

Frequently Asked Questions

What will Altair shareholders receive in the merger?

Each shareholder will receive $113 in cash for every share they hold.

When is the transaction expected to close?

The deal is projected to close in early 2025, pending final regulatory and customary closing conditions.

Can shareholders oppose the merger?

Yes. Under Delaware law, shareholders can exercise appraisal rights to receive what a court deems the fair value of their shares.

Will Altair continue to operate as a standalone brand?

Altair will become a wholly owned subsidiary of Siemens. While branding decisions have not been finalized, the company’s leadership and technology teams are expected to remain intact, at least in the near term.

Will Altair still be traded on the stock market?

No. Once the transaction is completed, Altair will be delisted from Nasdaq and cease to be a publicly traded company.

Altair ALTR Merger

Altair ALTR Merger