International Business Machines Corporation (NYSE:IBM) entered into an agreement to acquire Nordcloud Oy from Fernando Herrera and other existing shareholders on December 21, 2020. Post completion, Nordcloud will become an IBM Company and Nordcloud staff will join IBM. The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in the first quarter of 2021. Arma Partners LP acted as financial advisor for Nordcloud and Mike Turner of Latham & Watkins (London) LLP acted as legal advisor for the shareholders of Nordcloud. Lazard Ltd and Barclays PLC acted as financial advisors to International Business Machines Corporation in the transaction.
International Business Machines Corporation (NYSE:IBM) completed the acquisition of Nordcloud Oy from Fernando Herrera and other existing shareholders in February 2021. The purchase consideration for the acquisition of Nordcloud includes a fair value estimate of contingent consideration to be paid annually through the first quarter of 2024 upon achieving certain revenue milestones. The annual payments are not expected to be material. During the six months ended June 30, 2021, IBM completed seven acquisitions for a total purchase price of $2.9 billion. Nordcloud will be integrated into the Global Business Services segment. Ben Ward of Herbert Smith Freehills LLP acted as the legal advisor to International Business Machines Corporation.