OpenText Corporation has signed an agreement to divest its AMC (Application Modernization and Connectivity) business to Bain Capital-owned Rocket Software in a deal valued at approximately $3 billion (US$2.275 billion).

AMC is part of the Micro Focus business that OpenText acquired earlier this year for approximately $7.9 billion (US$5.8 billion).

Cleary Gottlieb Steen & Hamilton LLP is serving as legal counsel, and Goldman Sachs & Co. LLC as the sole financial advisor, to OpenText.

Stikema Elliott and Kirkland & Ellis LLP are serving as legal counsel to Rocket Software, while RBC Capital Markets, LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., and UBS Securities LLC are serving as financial advisors.

The deal is expected to close in the second quarter of 2024, subject to regulatory approvals and other customary closing conditions.