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      "text": "Purchase Price and Closing Conditions\nApproximately\n$6.0B Enterprise value (inclusive of Micro Focus' cash and debt)\n2.2x pro forma TTM Micro Focus revenues(1)\n6.3x pro forma TTM Micro Focus A-EBITDA(2)\nTo be funded with\nOpenText's existing cash on hand and revolver\nApproximately $4.6B in new committed debt financing\nNo equity\nSubject to\nMicro Focus shareholder approval\nRegulatory approval\nCustomary closing conditions\nExpected to close first calendar quarter of 2023",
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      "text": "Projected Financial Impact\nOne of the world's largest software and cloud companies\nApproximately doubling our Total Addressable Market to $170B(3)\nExpected combined company of approximately(4):\n~$6.2B annualized total revenue\n~$2.2B annualized A-EBITDA(5)\nUpper quartile A-EBITDA and expansion\nUpper quartile Free Cash Flows (FCF) and expansion\nExpected cost synergies of approximately $400M(6)\nOn OpenText operating model within 6 quarters of closing\nReturn to net leverage ratio(7) of <3x within 8 quarters of closing",
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      "text": "1. Pro forma trailing twelve months (TTM) revenue represents Micro Focus' unaudited proforma revenue for the twelve months ended April 30, 2022, excluding Digital Safe revenue\n2. Pro forma TTM A-EBITDA represents Micro Focus' unaudited proforma A-EBITDA for the twelve months ended April 30, 2022, excluding Digital Safe\n3. Estimates based on market reports from independent industry analysis firms including Gartner and IDC\n4. Figures on a pro forma basis. Please refer to OpenText's \"Use of Non-GAAP Financial Measures\" and \"Reconciliation of selected GAAP-based measures to Non-GAAP-based measures\" included within our current and historical filings on Forms 10-Q, 10-K and 8-K, and footnotes #1\nand #2 of this slide\n5. A reconciliation of this forward-looking non-GAAP measure is not feasible without unreasonable efforts because of the unpredictability of the items that would be excluded from non-GAAP measures for the combined company\n6. Includes Micro Focus' previously announced cost savings program of $300 million (net of inflation), as well as approximately $100 million of additional cost synergies\n7. Consolidated Net Leverage Ratio (pro forma) is calculated using bank covenant methodology",
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