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Linköping, Sweden-based IFS AB has agreed to purchase Canada's Copperleaf Technologies Inc. for approximately CA$1 billion ($725.6 million), the companies announced Tuesday.

IFS Buying Copperleaf In CA$1B Deal : Legal Representation

Davies Ward Phillips & Vineberg LLP and White & Case LLP are representing IFS, while Fasken Martineau DuMoulin LLP is representing Vancouver-based Copperleaf in the transaction.

Strengthening Market Position

IFS stated that Copperleaf, regarded as the most advanced provider of artificial intelligence-powered enterprise asset investment planning and management, will enhance its status as a leading enterprise application software provider.

"IFS continues to build on its position as the global software leader for asset and service management, powered by Industrial AI. I am deeply excited about what Copperleaf brings to our extended customer offering," IFS CEO Mark Moffat said in a statement.

IFS Buying Copperleaf In CA$1B Deal : Deal Closure and Financials

The transaction, valued at CA$1 billion, is expected to close in the third quarter of 2024. It is subject to conditions, including approval by Copperleaf shareholders and regulatory approval under the Canadian Competition Act. Copperleaf's shareholders will receive CA$12 per share, representing an 18% premium to the stock's June 10 closing price. The stock surged about 17% on Tuesday to CA$11.87 per share.

Unified Vision

"We combine two companies built on the same principles: world-class innovative technology with unrivaled time to value, asset and industry expertise delivering exceptional ROI, and organizational cultures that have always put the customer at the center of everything they do," Moffat added.

IFS Buying Copperleaf In CA$1B Deal : Expanding Capabilities

Copperleaf's software is widely used in various industries, including electricity, natural gas, water, energy, pharmaceutical, and transportation. Notable clients include ONE Gas, Manitoba Hydro, and National Grid.

"Our market-leading solution is now utilized by many of the largest and best-run asset owners in the world," Copperleaf CEO Paul Sakrzewski said. "Our next phase of growth as part of IFS will enable us to accelerate even faster and offer customers even greater capabilities, thanks to shared values and a commitment to delivering the most advanced and commercially impactful software asset owners could need."

Additional Counsel

Details regarding additional counsel involved in the CA$1 billion deal were not immediately available.