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Monday, August 28, 2006
Corel to Acquire InterVideo

Corel today announced that the two companies have entered into a definitive agreement for Corel to acquire InterVideo, a provider of multimedia DVD software, in an all-cash transaction at a price of $13 US per share or approximately $196 M.

InterVideo's suite of digital video and multimedia software products allow users to record, edit, author, distribute and play digital multimedia content on PCs and other devices. In 2005, InterVideo acquired a majority interest in Ulead, a developer of video imaging and DVD authoring software for desktop, server, mobile and Internet platforms.

When the acquisition is completed, Corel is expected to provide a broad portfolio of digital media software ranging from photo sharing and image editing products to advanced digital imaging, video editing, and high-definition DVD creation and playback software.

The acquisition will be financed through a combination of Corel's cash reserves, debt financing, and InterVideo's cash and cash equivalents which stood at approximately $105 M as of June 30, 2006. The acquisition is subject to InterVideo shareholder approval, regulatory approvals, and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2006 and to be accretive in the second quarter after closing.

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