Micro Focus International to be replaced by Hunting on FTSE 250 index

(Alliance News) - Micro Focus International PLC will be deleted from the FTSE 250 index, the FTSE Russell said on Thursday, amid its takeover by Open Text Corp.

The Berkshire-based global enterprise software firm will be deleted from the FTSE 250 index and replaced by Hunting PLC, effective from January 31.

Consequently, Hunting will be deleted from the FTSE SmallCap Index.

In August, Micro Focus agreed to be taken over by Ontario, Canada-based software company Open Text for GBP5.1 billion in a takeover that includes Micro Focus's debt.

In its last trading update in December, Hunting said it was trading in line with market expectations for 2022.

The London-based oil and gas industry services provider said it expects annual earnings before interest, tax, depreciation and amortisation to be around USD50 million, which would be up from just USD3.1 million in 2021 and also up from USD26.1 million in 2020.

Looking ahead to 2023, Hunting raised guidance for Ebitda to a range of USD85 million to USD90 million from around USD80 million previously.

Shares in Micro Focus International closed down 0.1% to 531.40 pence on Thursday in London. Hunting closed down 0.5% to 336.44p.

By Abby Amoakuh, Alliance News reporter

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