Cadence to buy BETA CAE for $1.24 billion

Cadence Design Systems Inc (NASDAQ: CDNS) opened in the red on Tuesday after announcing plans of buying BETA CAE Systems International for $1.24 billion.Why is Cadence buying BETA CAE?Copy link to sectionThe computational software company will pay 40% of the consideration in stock and the remaining in cash. Cadence expects the BETA CAE acquisition to help boost growth at its intelligence system design business. Anirudh Devgan – chief executive of the Nasdaq-listed firm said in a press release today:[The acq ...