Siemens to buy U.S. automotive software supplier Altair for $10 billion

German engineering giant Siemens AG has agreed to acquire Altair Engineering Inc., an automotive software supplier based in Troy, USA, in a $10 billion deal. Siemens announced in a press release that Altair shareholders will receive $113 per share, a 19% premium to Altair's closing price on October 21. Siemens President and CEO Roland Busch said this is the company's largest acquisition ever and called the acquisition a "milestone." Founded in 1985 by its CEO James Scapa, Altair provides engineering software to companies in a wide range of industries, with automotive and aerospace being its two largest business areas. Altair's customers include major automakers such as Ford Motor, General Motors and Stellantis, as well as other large companies such as Boeing.