11:07 AM EDT, 05/01/2024 (MT Newswires) -- OpenText (OTEX.TO, OTEX) on Wednesday said it completed the sale of its AMC/Mainframe business to Rocket Software, a Bain Capital portfolio company, for US$2.28 billion.

Net proceeds will be used reduce the company's debt by US$2 billion and lower its net leverage ratio to under 3x. The divestiture also allows OpenText to focus on developing its Information Management capabilities.

Additional details on the impact of the divestiture to the remainder of Fiscal 2024 will be provided when OpenText reports its results on May 2.

Open Text ( OTEX ) shares were last seen down C$0.11 to C$48.50 on the Toronto Stock Exchange.

Price: 48.50, Change: -0.11, Percent Change: -0.23