Microsoft is officially buying Nuance for $56 per share, implying a 23 percent premium to the closing price of Nuance on April 9, in a transaction valued at $19.7 billion.
Microsoft plans to close on the Nuance deal by the end of 2021. Both companies did not specify if the deal is projected to close in the first or second half of this year.
Nuance stock jumped 16 percent today and is trading at $53.20 per share. Microsoft’s stock is up 1 percent on Monday afternoon at $256.92 per share.
Benjamin will remain CEO of Nuance and will report to Scott Guthrie, executive vice president of Cloud & AI at Microsoft, once the deal closes. “Together, Nuance and Microsoft will be well positioned to seize the significant opportunity to help transform healthcare delivery to create a more sustainable future, applying the latest advances in AI and cloud technologies to enable more personal, affordable, effective, and accessible care,” said Benjamin.