After entering into a definitive agreement to acquire software developer Micromine, US tech company AspenTech has reportedly pulled out of the $900 million deal.
The two companies entered into an agreement in July 2022, but in an earnings call on August 2, 2023, AspenTech confirmed the companies had agreed to terminate the deal.
AspenTech cited Russian regulatory approval delays as the reason for the mutual termination agreement.
“As this process continued, the timing and requirements necessary to get this approval became increasingly unclear,” AspenTech said.
Micromine is an Australian mining software developer, providing mission critical solutions for over 800 customers across the mining industry.
At the time of the deal announcement in 2022, AspenTech said its portfolio would help Micromine grow.
“AspenTech has gained additional flexibility to strategically deploy capital for growth,” AspenTech president Antonio Petri said at the time.
“Combining AspenTech’s product portfolio and worldwide reach with Micromine’s mission-critical technology and leadership in the mining industry will equip customers with a comprehensive offering and the end-to-end ability to drive efficiencies across the entire mining value chain, while helping them meet the dual challenge.”
According to the Australian Financial Review, Micromine has a strong 12 months following the deal announcement. It remains to be seen if another company will take the deal on, or if this is the end of the road for the acquisition.
