Landmark Graphics Corp has signed a letter of intent to buy Dallas-based developer of petroleum engineering and economics software Munro Garrett International, for $11.4m. Munro had fiscal 1994 revenues of about $10m. Landmark will buy all Munro’s equity interests for about $8.2m cash and $3.2m stock. It plans to repay about $1.2m of Munro debt at the time of closing and may pay Munro up to $6m during the next four years based upon Munro’s future financial performance. Separately, the company signed a letter of intent to acquire Houston-based Stratamodel Inc, developer of three-dimensional geologic modelling and reservoir characterisation software for the oil and gas industry. Stratamodel had fiscal 1993 revenues of about $5m. Landmark will issue 425,925 of its shares for the purchase, to be accounted for as a pooling of interests. About $500,000 of Stratamodel debt will be paid at closing. Landmark anticipates related restructuring charges.
