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Hewlett Packard Enterprise said on Wednesday it plans to spin off and merge its non-core software assets with Micro Focus.
HPE will receive $2.5 billion in cash and its shareholders will own 50.1 percent of the new company as part of the deal. The company said the deal is valued at approximately $8.8 billion.
CEO Meg Whitman said the deal is an "important step" in the company's strategy to "unlock a faster growing, higher margin, stronger cash flow company."
"We believe the portfolio changes we've made over the past year are setting up HPE for long-term success while unlocking tremendous value for our shareholders," Whitman said in a statement.
HPE also reported quarterly earnings per share that beat analysts' expectations on Wednesday, but revenue came in slightly below projections.
The stock was last nearly 2 percent lower in extended trading.
The company posted adjusted third-quarter earnings of 49 cents per share on about $12.21 billion in revenue. Analysts expect HPE to post earnings of 44 cents a share on revenue of about $12.65 billion, according to a Thomson Reuters consensus estimate.
For the fiscal fourth quarter, HPE said it expects adjusted earnings between 58 cents and 63 cents a share. Analysts had forecast earnings of 60 cents per share.
— CNBC's David Faber contributed to this report.