Cadence and Denali announce merger

Electronics designer Cadence Design Systems and Denali Software, a provider of electronic design automation (EDA) software, have announced a definitive merger agreement, under which Cadence will acquire Denali for $315m (£214m) in cash.

Denali is expected to have approximately $45m in cash at closing.

The transaction was unanimously approved by the Cadence and Denali boards of directors.