With its software deal, HPE is sending one of the British firms it acquired back to where it started. HP said it would pay US$700 million in one-time costs related to the separation of the assets. Micro Focus will pay US$2.5 billion in cash to HPE, while HPE shareholders will own 50.1 percent of the combined company that will operate under the name Micro Focus and be run by its executives.
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The transaction is expected to be tax free to HPE. The deal comes on the same day Dell and EMC completed their merger in a deal that unites two of HPE's biggest rivals.
In the third quarter, HPE reported net revenue of US$12.2 billion, down 6 percent from US$13.1 billion a year earlier. The deal with Micro Focus was announced along with HPE's latest quarterly earnings. "With today's announcement, we are taking another important step in achieving the vision of creating a faster-growing, higher-margin, stronger cash flow company well positioned for our customers and for the future," Whitman said in a statement. The move is part of HPE CEO Meg Whitman's plans to shift HPE's strategy to a few key areas such as networking, storage and technology services since the company separated last year from computer and printer maker HP Inc.
Hewlett Packard Enterprise will spin off and merge its non-core software assets with Britain's Micro Focus in a deal worth US$8.8 billion (A$11.4 billion).
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