Siemens AG, the German multinational conglomerate company and Europe's biggest industrial group is likely to announce buying of CD-adapco, a privately held U.S. engineering software firm, for close to USD 1 billion in cash.
According to Reuters, Siemens's deal with CD-adapco is to be announced formally today.
The sale comes after CD-adapco's co-founder and CEO Steve MacDonald passed away last September. He was succeeded by his widow, Sharron MacDonald, who was named interim CEO and president.
Headquartered in Berlin and Munich, Siemens AG is a prominent maker of medical diagnostics equipment and its medical health-care division, which generates about 12 percent of the company's total sales, is its second-most profitable unit, after the industrial automation division.
Siemens and its subsidiaries employ approximately 362,000 people worldwide and reported global revenue of around €71.9 billion in 2014, according to their annual report.
