BluePhoenix, ATERAS Sign Definitive Merger Agreement - Quick Facts

(RTTNews) - BluePhoenix Solutions Ltd. (BPHX) Wednesday said it has entered into a definitive merger agreement with Sophisticated Business Systems, Inc., or ATERAS, pursuant to which Ateras and a wholly-owned subsidiary of BluePhoenix would merge. The agreement is an all-stock transaction in which BluePhoenix will issue approximately 6.2 million shares to ATERAS shareholders in exchange for 100 percent of ATERAS' shares.

The merger agreement between BluePhoenix and ATERAS is subject to shareholder approval, regulatory review and other material customary conditions and is expected to close during the fourth quarter.