Loeb & Loeb LLP represented a special committee of the board of directors of Verint Systems Inc., a provider of analytic software solutions for the security and business intelligence markets, in its announced acquisition of Comverse Technology Inc. The all-stock deal, valued at approximately $805 million, will eliminate Comverse’s majority ownership in and control of Verint.
Comverse Technology currently owns 41 percent of Verint's outstanding common shares and all of its outstanding convertible preferred shares. If that stock was converted, Converse would own 53.7 percent of Verint. Under the terms of the deal, Verint will acquire Comverse for approximately 27.5 million Verint common shares and up to an additional $25 million in Verint stock.
Comverse Technology will complete its previously announced spinoff of its telecommunications business prior to the transaction with Verint. The spinoff is expected to be complete in October and the merger transaction is expected to close in the first quarter of 2013.