eesof ( / ˈiːsɒf / eesof ; electronic engineering software ) , today known as keysight eesof eda , is a provider of electronic design automation ( eda ) software that helps engineers design products such as cellular phones , wireless networks , radar , satellite communications systems , and high-speed digital wireline infrastructure .

applications include electronic system level ( esl ) , high-speed digital , rf-mixed signal , device modeling , rf and microwave design for commercial wireless , aerospace , and defense markets .

eesof

hp 8510 network analyzer to capture real - world data directly . this decision created the first formal interaction between hp and eesof , and eesof ' s
in september 1993 , hp signed a definitive agreement to acquire eesof . how did this come about , you ask ? the story is that eesof ' s
read 6 fun facts about keysight history . . . - keysight eesof eda | facebook
agilent eesof eda offers both single user software products as well as enterprise - level solutions .
vendor libraries : eesof had amassed a good following of parts vendors that would supply s - parameters in eesof ' s platform – hence the
touchstone
file format - which lives on today .
for detailed information on each product , please refer to the keysight technologies eesof webpage at : urltoken .
eesof ' s first software product was a high frequency linear circuit simulator called
touchstone
. the eesof touchstone program is said to have quickly become popular among many microwave circuit designers in the specialized marketplace of high frequency engineers . as a result , eesof began to realize a small but growing commercial revenue stream generated by touchstone . then in 1984 , eesof independently decided to market links to the then - popular
eesof eda division of agilent technologies , located at 1400 fountain grove parkway , santa rosa ca , 94503 .
eda vendors ! ( moreover , the writer recently learned that agilent eesof eda has continued to flourish , and in 2009 agilent eesof revenues were approximately $ 120 million and the division ' s worldwide employment surpasses 400 ) .
things were going well at eesof , and in december 1987 , the company celebrated its first $ 1 million revenue month .
eesof
products such as touchstone , libra , and omnisys brought comparable power and ease of use to the pc platform .
as the detailed narrative of the 27 - year eesof evolution began to emerge , it soon became clear that accurate reporting would demand more than one issue of the eda weekly . the writer and the eesof team quickly recognized the historical cues that led to the following structure :
there were many other eesof - hp skirmishes with words and ads during the 1988 to 1993 period that went beyond mere product specs . some were relevant , others were not . for example , a few eesof folks at the time would occasionally challenge hp ' s ultimate commitment to stay in the commercial rf / mw software market .
i think we put all questions to bed about our commitment when hp acquired eesof ,
agilent eesof eda describes itself these days as ,
the leading supplier of electronic design automation ( eda ) software for high - frequency and high - speed system , circuit , and modeling applications .
while agilent eesof ' s financials have not been routinely published separately from those of the overall agilent electronic measurement group in which agilent eesof resides , the eda industry generally acknowledges agilent eesof ' s market leadership position in annual revenue generation in its radio frequency ( rf ) niche ( e . g . estimates are as high as 67 % market share in 2009 ) .
prior to founding eesof , abronson was the president of amplica , a microwave amplifier company located in thousand oaks , ca . after amplica was purchased by comsat , abronson formed eesof and immediately hired childs from comsat to manage eesof ' s r & d ; efforts and to introduce a cad methodology . abronson and childs quickly hit upon the innovative value of offering personal design software to a market previously dominated by more expensive , server - based solutions .
eesof often ran ads that always showed food on top of a computer in a covert but successful effort to promote obesity and chair stains in the industry .
libra . ” this writer has been told on solid authority , that the technology behind libra was developed completely within eesof . some external reports have implied that libra came from the hp funded work that ken kundert and other hp employees commercialized from uc berkeley . this implication is patently untrue , say eesof veterans .
plott told the writer . “and today , seventeen years later , agilent eesof remains uniquely committed and out - invests any other vendor in this space . ”
part ii : a future eda weekly article on eesof will encompass the ( a ) post - merger years from1994 until the agilent technologies ' spin - out from hewlett packard and subsequent ipo in 1999 , as well as ( b ) the post spin - out years of rapid agilent eesof expansion from 2000 to 2010 .
randy rhea in the mid 1980’s , eagleware developed its niche serving smaller companies with a cost - effective , easy - to - use , circuit simulation and synthesis tool set . this part of the story will be more relevant in eda weekly part ii of the agilent eesof narrative , because eagleware would eventually join the agilent eesof team via acquisition . in fact , the former eagleware ceo ,
charles plott ( product marketing & planning manager ) . this initial session was the first of several subsequent get - togethers over two elapsed weeks as the structure of the narrative of agilent eesof took shape .
omnisys , the first rf system - level simulator using block diagrams . for years , this was a competitive technical advantage for eesof . hp eventually introduced a system model library in mds to better balance the battlefield .
keysight technologies ( eesof eda ) is a set of designer tools for high - frequency system , circuit and modeling applications . under special agreement between keysight technologies and cmc , the following products are available to university clients :
in 1993 , hewlett - packard acquired eesof ( short for electrical engineering software ) , inc . , in westlake village , california , a recognized leader in eda software on the pc platform . beginning with the touchstone linear simulator in 1983 and adding libra , omnisys , and academy ( for layout ) , eesof had focused on the rapidly expanding personal computer ( pc ) platform and on making eda tools available to every rf and microwave engineer .
many new competitive fronts between eesof and hp emerged during this 5 - year period . it was a time during which both organizations were independently focused in a commercial battle for mindshare among the world ' s rf / mw designers .
the period from 1993 onward was a substantial growth period for the hp eesof organization , with multiple technology innovations , acquisitions , partnerships , and expansions into new markets . these will be the subjects of part ii in this series .
pc vs . unix : eesof clearly had the better pc offering , whereas the hp software was developed predominately for unix . that said , at the time hp had the advantage of being a supplier of both the software and the workstation .
keysight eeda has been training engineers for many years and has perfected the process . a combination of lectures and labs provides hands - on practical experience in an accelerated learning environment . for more information , refer to keysight eesof eda customer education and services .
westlake village , california , usa - keysight eda continues the strong tradition of user - interface and circuit and simulation advances that were begun by eesof , inc . located in southern california , westlake village is about 45 miles ( 70 km ) northwest of los angeles .
jake egbert , now retired , was the gm on the hp side and he led the combined entity for the next seven years . post hp acquisition , chuck abronson didn ' t stay long at eesof , but bill childs helped during the critical transition period for about a year .
sonnet ( and the current , combined agilent eesof eda organization still does ) . but both vendors also decided that it was strategically important to develop their own respective in - house technologies that could be natively integrated into their own platforms . hp had a first - to - market advantage with its
agilent eesof eda provides its customers a broad spectrum of eda software , including applications for microwave ( mw ) , radio frequency ( rf ) , high - frequency , high - speed , rf system , electronic system level ( esl ) , circuit , 3 - d electromagnetic , physical design and device - modeling .
among the hp internally developed software tools of that era was hp ' s own highly capable netlist - driven linear simulator ( named ‘mantis’ within hp ) . there was also a short period wherein hp began to oem the touchstone product from eesof , but this business arrangement didn’t last long , given what was on the hp horizon .
as part of their university educational support program , keysight offers students and instructors access to licenses for many of their electronic engineering software ( eesof ) , including ads , systemvue , genesys , ic - cap , empro , and goldengate . use of the software is for educational purposes only , and not for commercial gain or research .
one of my first assignments at eesof in 1984 was to develop the industry ' s first interface from a circuit simulator to the recently introduced 8510 network analyzer from hewlett packard ,
larry lerner said .
this early experiment validated a critical design and verification methodology that has improved how rf engineers do their work to this day .
plott . “even today , in some of the markets we serve , we have smaller competitors that try to lure agilent eesof eda back to the pre - 1993 competitively - focused culture . we’re not going back . as long as we stay focused on innovating solutions to our customers’ tough problems , competition seems to work itself out in the long run ,
plott asserted .
chuck abronson first called the executive leadership of hp , to explore hp’s willingness to sell off its software group . however , internal to hp , this software group had not only become strategic to hp’s overall portfolio , but also it was growing rapidly – so there was understandably not a lot of hp interest in abronson ' s overture . that’s when the conversation turned to the reverse possibility of hp acquiring eesof .
keysight eesof eda is the leading supplier of electronic design automation ( eda ) software for communications product design . microwave and rf circuit , high - speed , device modeling , and signal - processing design engineers accelerate the development of better products using design flows built on our device modeling , electro - thermal , electromagnetic , circuit and system design and simulation tools . keysight eda applications support the commercial wireless , aerospace and defense industries .
advanced design system ( ads ) is the flagship product from keysight eesof eda , the technology and innovation leader in high - frequency , mixed - signal electronic design automation ( eda ) . it is the only design simulation platform that enables the co - design of ic , package and board in high - frequency and hi - speed applications . ads seamlessly integrates system , circuit , and full 3d electromagnetic simulation with keysight’s test instrumentation to perform single pass successful electronic designs repeatedly .
the immediate aftermath of the merger became an interesting time for the newly - combined business . for years eesof and hp had been essentially focused on each other and the cultures at both companies had been predominately competitive . with the merger in 1993 , the mood is said to have instantly changed .
this marked a period where we had to make a fundamental alteration in our organization . without each other to focus on , we shifted much more attention to our customers ' successes ,
said
meanwhile during the 1980s , some other folks were working on applying maxwell ' s equations to solve arbitrary two and three dimensional geometries . sonnet was among the first of these software products . james rautio started sonnet in his home in 1983 , while designing mmics for general electric in syracuse , jumping ship in 1988 and making his first sale the following year . sonnet is still privately held , unlike super compact , eesof , or eagleware . learn more about the early days of sonnet here on their web site .
electromagnetic professional ( empro ) is keysight eesof eda ' s electromagnetic ( em ) simulation software design platform for analyzing the 3d em effects of components such as high - speed and rf ic packages , bondwires , antennas , on - chip and off - chip embedded passives and pcb interconnects . empro em simulation software features a modern design , simulation and analysis environment , high capacity simulation technologies and integration with the industry’s leading rf and microwave circuit design environment , advanced design system ( ads ) for fast and efficient rf and microwave circuit design .
santanu roy february 08 , 2010 reviewed by ' santanu roy ' enjoyed the article . i worked in australia back in the late 80s and we had touchstone and academy later . thoroughly loved using them for microwave circuit design ( amplifiers and passive circuits ) . still used to use rubylith then and had to buy that silly diamond head cutter and ruby from the states . used to have a great time with the eesof team writing bug reports ( even visted eesof once when back packing trip from australia - very nerdy ! ! ) . when series 4 came it was hard to get used to but we used it ( altghough i seemed to remember many did not make the switch and kept the older versions ) - microwave engineers getting angry at sw - now there ' s a sight . we had eagleware also but used it for the filter synthesis tool now i use awr at work but i am evaluating ads - ads is the best ! ! ! ! love it ( and i have used ansoft also ) ! ! ! ! still learning lots and still enjoy circuit design even after 20 years . 30 of 31 found this review helpful . was this review helpful to you ? ( report this review as inappropriate )
comsat could read the writing on the wall and eventually offered super - compact - pc , a version of which could run on an ibm pc . they added their own layout tool , auto - art . however , supercompact pc was a
chopped - up
version of the large mainframe program , while touchstone was written for the pc architecture , taking advantage of the new operating system , and the decade - long leadership of compact software was successfully challenged by eesof . after comsat lost interest in cad , compact software again became a private company , owned by ulrich rohde . it was located across the street from his other microwave enterprise , synergy microwave , in beautiful patterson nj , birthplace of funnyman lou costello .
compact was bought out by comsat in 1980 , and les besser was associated with it for three more years only . during that time a third - generation version , supercompact was released that became the industry standard . while the compact software group was fat , dumb and happy , a revolution started in the early 1980s , due to the ibm personal computer . even with its incredibly limited memory and low speed , some visionaries recognized that microwave design would some day be done on this type of platform . two specific groups of visionaries included some california dudes from
the valley
, who chose the name eesof , and some guys located at stone mountain georgia ( near dogpatch ) , who chose the really cool name circuit busters ( who ya gonna call ? )
i can add a little background to the touchstone story . i worked at amplica during the period of time when eesof was formed . our president chuck a . had sold the company to comsat the year before i joined ; comsat had also bought compact software the year before that . one of the comsat engineers that had worked with the compact part of the business ( bill childs ) was transferred to amplica to help develop our amplifier designs . it was bill who authored touchstone . he would carry a compaq portable pc back and forth to work every day ( it looked like a sewing machine in its case ) , and thatâ€™s the platform he developed much of the code on . chuck was the money and business man , he made no technical contributions to the program .
to analyze circuits using touchstone , you had to have two display screens for your pc , one for handling the netlist and the other for displaying results . one huge innovation they are credited with is the ability to
tune
the circuit and watch the response move . touchstone required a hardware key on the printer port to keep track of the license , making it portable as well . by 1987 eesof ' s touchstone was linked with a crude layout tool ( micad ) , and a version of spice . another cool program they offered was anacat , which allowed you to control a hewlett packard 8510 network analyzer or the equivalent wiltron ana from a pc , and be able to sort data in an acceptable format for reading into touchstone . by this time the guys at compact must have soiled themselves with fear for their jobs .
eesof was a well financed enterprise from the beginning , the brainchild of chuck abronson and a former compact employee , bill childs . their first product was called touchstone , introduced in 1983 . we don ' t think the name was an acronym . to the user , it seemed like they had ripped off the entire compact netlist interface , but behind that they had created an entirely new engine ( another hardware term unfortunately ripped off by geeks ) . it must have been very efficient , because it ran fast enough on an ibm - at pc so that it wasn ' t too annoying ( no doubt you had to spring for the math coprocessor on the pc ) . it also could run on h - p minicomputers . this quickly got a lot of attention from engineers who were sick of mainframes , where they generally had to play second fiddles to accounting and data processing departments .
peoples republic of eda cafe ? february 06 , 2010 reviewed by ' chairman mao ' i can only guess that my review will not be posted . . . or not for very long anyways . . . . what is wrong with this website ? it seems that if anyone has a different viewpoint from the author they get their opinions deleted . this is why john cooley is the best source of information on eda tools at deepchip . com . he is the only one that allows users to strike back when eda companies and pr people try to make lies about eda tools . i cannot believe such a story about eesof . i use other eda tools in japan , but it is not a competitor . . . yet this story seems like a fable not a true perspective . anyway . . . i will not waste time writing my opinion anymore since the editors just delete what they do not like . 28 of 47 found this review helpful . was this review helpful to you ? ( report this review as inappropriate )
hp acquires optimization systems associates , expands cae software portfolio . - free online library
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hp ships atm solution ; award - winning hp advancestack switch 2000 now offers connection to atm networks .
cae process technologies acquisition further strengthens hyprotech ' s suite of products and services .
hp extends commitment to cocreate software , inc . with three - year , multimillion dollar contract for soliddesigner , onespace and me10 .
hp teams with isvs to provide complete large - format printing solutions for mcad professionals ; customers reap benefits of faster , easier printing .
cae opens new frontiers in casting design : applying cutting - edge , integrated computer - aided engineering ( cae ) technologies to optimize casting . . .
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goldengate rfic simulation and analysis software is an advanced simulation and analysis solution for integrated mixed signal rfic designs that is fully integrated into the cadence analog design environment ( ade ) . goldengate is part of keysight ' s rfic simulation , analysis and verification solution that also includes momentum for 3 - d planar electromagnetic simulation , systemvue & ptolemy wireless test benches for system - level verification , and the advanced design system ( ads ) data display for advanced data analysis . this suite links the rf system , subsystem , and component - level design and analysis as part of a unique and comprehensive rfic design flow .
the most advanced simulation and analysis solution for integrated mixed signal rfic designs . goldengate software is fully integrated into the cadence analog design environment ( ade ) .
provides dedicated simulation licenses for parallel corner and monte carlo based verification at a reasonable price .
keysight’s rf and microwave design and simulation tools provide the most complete solution for creating robust designs with first pass success and high yield in mmic , rf - mixed signal ic , rf board , rf sip and rf module technologies .
high - speed , high - freq . effects such as ringing and overvoltage from layout parasitics
click here to check out our main history page . if cad history interests you , visit our microwave cad page , our microwave hall of fame , and our page on historical microwave test equipment !
this was les besser ' s precursor to compact . in his own words :
speedy is not an acronym , we just wanted to advertise its speed , compared to the early day time - domain simulators that operated at low frequencies .
the second - generation program , compact , had circuit - optimization and it was commercially introduced through six different timeshare companies . its transistor databank , in addition to the fairchild products , also included other manufacturers ' devices . in - house installations began in 1973 , with communication research center ( crc ) of canada being the first one . see more on compact below .
according to robert p . ( bob ) coats , one of the first cad tool for microwave circuits , cain - 01 , was developed about 1971 for use by designers at texas instruments . cain - 01 was available on an ibm 360 computer and accessed using punched cards . it was never marketed by the corporation . here we quote bob ' s historical perspective on this achievement :
cain - 01 stands for
computer aided integrated networks version 1
. in july 1973 i published a paper in the july issue of the mtt transactions of the ieee . i used the software on the work described , and referenced an article by its designers . the authors were t . w . houston , l . w . dyer , and g . j . policky . the paper was entitled
computer - aided design of microwave integrated circuits
and it was published in the august 1969 ieee wescon convention record . the software was developed initially in support of the first phased array development program at texas instruments ( the mera program ) . the software was widely used by microwave circuit designers at ti for many years .
for a while in the 80 ' s i had a program called
cadec
that ran on a hp 9845 desktop . it was stored on a hp - 200 tape cassette and did ok with passive circuits . it relied mostly on abcd parameters and z / y matrix analysis ( like in low frequency ac circuit analysis with matrices ) . the cool part was it came in rocky mountain basic and you could go in and change anything , add new circuit elements , and mess around with display options . at the time martin marietta was strongly opposed to pc ' s due to a very entrenched computer department , and we would order hp computers as
instrument controllers
so we could get some free computing power . i may still have a manual around .
for most of us , in the beginning , there was compact . the acronym stands for
computer optimization of microwave passive and active circuits
. introduced in 1973 , it was the only commercially - available microwave circuit optimization software product available during the disco years ( in - house programs at general electric and texas instruments were capable of analysis without optimization , see above ) . during the hippy epoch and for all times before , microwave design was done using a smith chart and a pencil and even the simplest designs took many months to develop . les besser was the originator of the compact program , and appears in our microwave hall of fame for laying the groundwork for microwave cad industry . les is a hungarian - canadian - american . born and raised in hungary , he escaped to the west in 1956 , became a canadian citizen in 1961 , later moved to the u . s . a . and was naturalized to usa citizenship in 2000 . welcome aboard !
les besser submitted a description of his compact computer program to the ieee circuit theory transaction for publication in 1972 , but they rejected it , perhaps because it didn ' t contain enough fancy equations . . . below les besser fills us on this chapter of microwave history in an email to microwaves101 dated september 1 , 2004 :
the article you mentioned was initially rejected by the ieee circuit theory ( now circuits and systems ) group . i felt quite bad at first , until i found out that phil smith ' s original article on the smith chart was also rejected with
no practical contribution
comment . after rewriting the compact article ( removing most of the explanations and adding lots of complex matrix equations ) it was published .
the 201 mclean boulevard patterson location on route 20 near the river is and was a nice location and compact was in a fancy building . no need to shoot at patterson
when i bought the company from comsat , both the main frame version and the pc version where unstable and models such as t - junctions , crosses and others fairly inaccurate at higher frequencies . becoming a partner in the darpa mimic program , and mostly financed from earnings rather the darpa money , these things were changed by developing em - based models , and verified by raytheon and texas instruments .
n - dimensional nodal noise analysis for all types of both linear and nonlinear circuits , including oscillators , mixers and amplifiers under large signal conditions .
em - based models with extremely short computational time replacing lookup tables and curve fittings . the multi - coupled line model by itself is a full em - based simulator with extreme accuracy .
the first complete nodal - based harmonic balance simulator with the most stable convergence for multi - tone analysis , and still the leading approach in the industry . this is important for mixers ( 3 - tones ) and n - stage designs where more harmonics are generated .
complete nonlinear microwave nonlinear models , much improved over the spice - type models , and new important models such as gaas , hbt ( even physics based ) and others became available .
a new yield analysis capability was added and other improvements in optimization ( nonlinear optimization ) were made . as an important example , oscillators can be optimized for best phase .
there were a large number of other enhancements made and utility programs added . after the merger with ansoft , the harmonica program became ansoft designer .
ulrich l . rohde , phd , ex - president compact software , chairman of synergy microwave company .
did we mention that ulrich was on the ansoft board of directors in 2004 ? ulrich had a few other comments but they they sounded too much like free advertising for ansoft so we cropped them out . one part of the original compact , smith tool , is rumored to exist in an ansoft program even today .
at one time , there was a version of compact that could be run as a module on the hp41 programmable calculator , so you could take your designs to the
reading room
. thanks to dave , who still has a copy !
we need to add some history here , but for now we ' ll just copy some stuff we grabbed from the ansoft web site . ansoft was founded in pittsburgh pennsylvania in 1984 by dr . zoltan cendes . at some point they merged with supercompact .
attention intel and other politically correct companies . . . the word
bastard
is not a
swear word
, it means illegitimate . did you know that bastards are a fast growing demographic in the good ' ol diverse usa ? just ask your kids or grandkids how many of their little friends have parents that never married . maybe someday the ieee will form an interest group called
microwave transactions from bastards
, or mtb for short !
in case you are looking for mr . abronson , he ' s now chairman of cap wireless .
circuit busters ( what ' s with all the capital letters that were used in the 1980s ? ) , was founded in 1985 , by a filter designer randy rhea . while his team was at the task of developing a competing product for linear analysis , they put together some filter synthesis software . the first product was called star and you could buy it from a little ad in the back pages of trade mags for $ 99 ( and they took visa and mastercard , another brilliant move not anticipated by compact ) , delivered on a 5 . 5 inch floppy disc . this was truly an unheard of price , probably less than the square - root of what compact was selling for . we asked randy about this , and he recalled that he had to rethink the original price , considering the limited market . circuit - busters
second generation
product was called super - star and was marketed at $ 595 less than two years later .
since circuit busters was a garage shop , they didn ' t get around to putting a key on the software until future versions . either they had some financial help from their in - laws , or they didn ' t quit their day jobs for a few years . below is the earliest advertisement we could turn up for circuit busters ( mw & rf january 1987 ) , featuring an earnest - looking and young randy rhea ( nice tie ! ) , who personally guarantees his software . the unknown editor liked the price , and still has a copy of super star 1 . 0 somewhere under a pile of other priceless artifacts !
what happened to circuit busters ? they renamed the company eagleware in 1991 , and they are a huge success ( ask any of their well - treated employees ! ) eagleware is an inspiration to microwave garage operations all over the world , such as a certain microwave web site . in 2005 , eagleware sold out to agilent . time will tell if the eagleware linear simulator survives , it certainly undermines the sales of ads . as paul harvey might say ,
now you know the rrreeest of the story !
a relative newcomer to microwave cad is applied wave research . this company was founded by a couple of ex - hughes mmic designers , well before raytheon bought hughes and deep - sixed their gallium arsenide operations foundry . in any case , awr ' s microwave office is a slick package that combines a linear simulator with e - m analysis . they even allow you to plug in em software from their competitors , such as sonnet . interoperability is the name of the game going forward , these dudes know what they are doing .
here ' s your opportunity to help us , there are other software products out there that we ' d like to know the history of .
in 1992 , zeland software started offering ie3d , in competition with ansoft ' s hfss .
the first nonlinear simulators ( besides spice products ) also arrived in the late 1980s , and used harmonic balance techniques .
today , there is huge competition from software vendors for your microwave analysis budget . enjoy it ! we ' ll add more history of microwave software later , especially if some more of you
founding fathers
contribute !
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genesys is an affordable , accurate , easy - to - use rf and microwave circuit synthesis and simulation tool created for the circuit board and subsystem designer . automatic circuit synthesis of matching networks , filters , oscillators , mixers , transmission lines , pll and signal routing structures enable engineers without prior expertise to design these components quickly .
the genesys synthesis collection is consistently the best selling bundle because no other equivalent capabilities are available in the market at such an affordable price . as a proven safe investment with an installed base of over 5 , 000 satisfied designers , genesys literally pays for itself within the first year of deployment by eliminating wasteful hardware iterations through automated circuit synthesis and accurate design .
discontinued genesys model numbers [ discontinued ] product support information for discontinued and obsolete genesys model numbers .
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simulate your new design using a complete library of standards - based circuits and design guides in an easy to use interface .
the first 3d electromagnetic ( em ) simulation software platform that completely integrates 3d em simulation and the ads circuit simulation software .
high accuracy , easy - to - use rf / microwave synthesis and simulation software created for the circuit board and subsystem designer .
advanced simulation and analysis integrated into the cadence analog design environment for integrated mixed signal rfic designs .
ic thermal simulator for chips and stacked - die system - in - package that computes the full - chip temperature profile at the spatial resolution of your devices and interconnects .
dc and rf semiconductor device modeling including accurate compact models for high - speed / digital , analog , and power rf circuit design applications .
a one - stop solution that provides both automation and flexibility for silicon device modeling .
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wafer - level measurement and programming test software for use with a variety of instruments and wafer probes .
automated wafer - level tests with built - in routines for bipolar junction transistor ( bjt ) , field - effect transistor ( fet ) , diode , resister , and circuit evaluations .
focused electronic design automation environment for electronic system - level design , enabling system architects and algorithm developers to innovate the physical layer ( phy ) of next - generation communications systems .
optimize designs with software tools for exploring a broad range of signals and over 75 different standards and vector modulation formats , including those for 5g , iot , radar , and more .
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simplify development of custom waveforms by connecting library sources to output mixed signals to a variety of vector and arbitrary waveform generators .
perform complete 3d planar em simulation including parasitics for standard and arbitrary design geometries .
integrated circuit characterization and analysis program ( ic - cap ) is the industry standard for dc and rf semiconductor device modeling . ic - cap extracts accurate compact models used in high speed / digital , analog and power rf applications . today’s most advanced semiconductor foundries and idms rely on ic - cap for modeling silicon cmos , bipolar , compound gallium arsenide ( gaas ) , gallium nitride ( gan ) and many other device technologies . ic - cap is the most advanced , customizable modeling software and includes measurement , simulation , optimization and statistical analysis tools .
ic - cap device modeling platform bundle provides the basic tools you need to start modeling devices and circuits .
the ic - cap core environment provides data management , visualization and programming capabilities ( with pel ) . it includes multiplot & gui studio , mathematical transforms & macros and the link to sql databases .
enables analysis or simulation of device behavior using provided advanced design system ( ads ) or spice3 simulators or by linking directly to supported external simulators . includes ads linear , transient and verilog - a capabilities .
datapro applies statistical analysis to analyze measured data , identify outliers devices and dies and to select the golden and corner dies . it automatically imports measured data from waferpro and the new sql database .
support for dc , c - v , ac , time and noise measurements . includes drivers for dc analyzers , c - v meters and impedance analyzers , network analyzers , oscilloscopes and dynamic signal analyzers .
discontinued ic - cap model numbers [ discontinued ] product support information for discontinued and obsolete ic - cap model numbers .
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urltoken
please note that contributed articles , blog entries , and comments posted on urltoken are the views and opinion of the author and do not necessarily represent the views and opinions of the management and staff of internet business systems and its subsidiary web - sites .
by russ henke - contributing editor posted anew every four weeks or so , the eda weekly delivers to its readers information concerning the latest happenings in the eda industry , covering vendors , products , finances and new developments . frequently , feature articles on selected public or private eda companies are presented . brought to you by edacafe . com . if we miss a story or subject that you feel deserves to be included , or you just want to suggest a future topic , please contact us ! questions ? feedback ? click here . thank you !
the ever increasing data rates in high speed digital circuit boards and chips . beyond pure rf and microwave applications , agilent ' s eda technology is also helping signal integrity engineers deal with the complex issues created by these high speed data rates . indeed , without such software design & analysis tools , high data rates can often lead to electronic systems that do not work at all .
designcon® conference & exhibition is just around the corner , scheduled for february 1 - 4 , 2010 at the santa clara , ca convention center .
designcon is widely acknowledged as the definitive event for electronic design experts spanning chip , package , board , and system domains , addressing common issues in signal integrity , power management , interconnection , and design verification .
one unique aspect about this eda organization is that its software is also used internally by hundreds of agilent rf / mw engineers to help analyze and design most of agilent ' s commercially - offered test and measurement equipment .
no doubt software is critically important , but at some point you actually need to build a circuit . agilent , and prior to that hp , has always seen a strategic link between eda and actual physical measurement . we often share algorithms , use models , and innovations across platforms – whether in the eda or in the measurement world
, said
plott .
whether measuring or simulating s - parameters in linear circuits , or x - parameters [ 1 ] in nonlinear circuits , we believe both software and test equipment are critical parts of a designer ' s tool box .
[ 1 ] numbers in brackets designate footnotes at the end of this article .
offering software tools
for every rf / microwave engineer
at multiple user companies . ( “rf” range = 300 hz to 3000 ghz ) .
, the first available version of spice with active , passive and distributed circuit models that permitted spice to be used effectively at high frequencies . ( spice is an acronym for simulation program with integrated circuit emphasis and is a general - purpose analog electronic circuit simulator . now 37 years old , spice was first developed at the university of california at berkeley , and announced in 1973 . later versions of spice are still widely used today in ic and board - level design to predict circuit behavior . by 1985 spice had become a standard computer program
anacat , a computer - aided testing tool that could import experimental test results directly into the software simulation environment .
hewlett packard company ( hp ) was internally developing solely for its own use , very capable software tools for analyzing and designing high performance instrumentation .
to give its hardware businesses performance and time - to - market advantages over competition . such software tools for the most part were not then available commercially . moreover , even if similar tools were commercially available from other suppliers , many manufacturing managers back then still believed that by using their own internally - developed proprietary software , they gained extra , unique advantages .
for by 1987 , folks who were at hp at that time have told the writer that several business plans and product specification documents were circulating internally within hp . at this point it was clear that hp was committed to building up its
computer - aided engineering ( cae ) organization to enter the commercial eda market . from the original business plans , one key motivation of hp to ‘go commercial ' was the desire by hp to provide a complete portfolio to all rf / mw r & d ; designers – i . e . both software and measurement . this fundamental business driver remains in effect today .
beyond hp’s linear simulator , two additional important developments were also underway on the hp side . first was the development of a complete schematic capture interface with graphical layout and back - annotation – a major change to the older netlist approaches being used previously . the second was the result of research that hp funded at uc berkeley , where an hp employee named ken kundert and others within hp developed the first nonlinear , frequency domain simulator ( harmonic balance ) . with the linear simulator , the design framework , the new nonlinear simulator and the required models , hp
eagleware ( formerly named chip busters in earlier days ) was also quietly building up a large following in another segment of the market . founded by
academy , a front - end schematic capture user interface for both touchstone and libra .
hfss . hp sent a project manager to pittsburgh to help manage the project and bring the original hfss product to market . hp introduced this product on the cover of the february 1990 issue of microwave journal .
momentum product , which came to market in 1992 . ( over the next 18 years , as
momentum advanced , it became one of the most successful and trusted em technologies in the market ) .
hp impulse , the first convolution time - domain simulator that allowed the accurate inclusion of frequency domain models to help neutralize this part of the battlefield .
by this point both companies had grown to be about the same size , at approximately $ 20 million each in annual revenue . ( the newly merged entity was estimated to be at just over $ 40 million in 1994 revenue ) .
once merged , the two companies jointly marketed a combined and rationalized portfolio of simulation and analysis tools worldwide , eventually providing design solutions for applications including cellular telephones , wireless lans , collision - avoidance radar , defense electronics and satellite communications links .
chuck abronson era from its independent inception in 1983 until its merger with the hewlett packard company in 1993 . a subsequent
jim mcgillivary years following the agilent technologies ' spin - out from hewlett packard and ipo in 1999 , up to the beginning of 2010 .
[ 1 ] x - parameters is a registered trademark of agilent technologies . the x - parameter format and underlying equations are open and documented . for more information visit
embarrassed february 08 , 2010 reviewed by ' i ' m embarrassed ' i ' m personally embarrassed by chris ' response and similar rhetoric from others @ corporate . take a look at cooley ' s anonymous tip . guess where it comes from . we don ' t need to stoop to this kind of behavior . we have a good product . why can ' t we compete on that . i don ' t believe what i ' m told from above . most of us don ' t . all this whining and hate reflects badly on the us and badly on me personally . at least agilent has standards they try to live up to . i wish we has the same . 34 of 39 found this review helpful . was this review helpful to you ? ( report this review as inappropriate )
think before you post february 08 , 2010 reviewed by ' rational engineer ' i enjoyed your article russ . also , it’s probably not what was intended , but i think awr’s response above says more about their company than it does about their competitor featured in your interview . you’ve got to wonder if this is the tone and culture sponsored from the ceo on down . that would never fly in my company . so i guess i would say that i’m indeed influenced by the awr response , but probably not in the way they intended for me to be . 35 of 38 found this review helpful . was this review helpful to you ? ( report this review as inappropriate )
© 2018 internet business systems , inc . 25 north 14th steet , suite 710 , san jose , ca 95112 + 1 ( 408 ) 882 - 6554 — contact us , or visit our other sites :
systemvue is a focused electronic design automation ( eda ) environment for electronic system - level ( esl ) design . it enables system architects and algorithm developers to innovate the physical layer ( phy ) of wireless and aerospace / defense communications systems and provides unique value to rf , dsp , and fpga / asic implementers . as a dedicated platform for esl design and signal processing realization , systemvue replaces general - purpose digital , analog , and math environments . systemvue
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ads core is the starting element for you to build up your design and simulation capabilities . it already contains powerful features for you to start designing immediately including :
previously sold separately , the combined capabilities in ads core assure you the best value in rf design capabilities available anywhere . for example , design guides automate the synthesis of filter and multi - stage matching networks to reduce hours of designs to minutes . the high quality of software engineering behind ads provides a stable platform for the creation , sharing and management of your valuable intellectual properties .
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connection manager - reads data from , downloads data to , and controls selected instruments . the w2200bp includes the connection manager client only . the connection manager server must be downloaded and installed separately .


cst brands , inc. is an american publicly traded fuel and convenience retailer .

it is the second-largest of its kind in north america , with 1,900 outlets in the u.s. and canada .

cst brands had 2013 revenues of about $ 12.8 billion and made approximately $ 360 million in ebitda .

stores are concentrated in the central and southwestern u.s. states and in eastern canada .

corner store is the firm 's primary retail brand in the us and in canada 's english speaking provinces .

in canada 's french speaking provinces , dépanneur du coin is the company 's retail brand .

in addition to convenience store retail sales , cst brands also sells fuel under a number of licensed energy brands such as valero , exxon , shell , and phillips 66 .

the company was created on may 1 , 2013 , when valero energy corporation decided to spin off its retail operations in an effort to focus on refining .

on august 6 , 2014 , cst brands agreed to buy lehigh gas gp llc , the general partner of lehigh gas partners lp ( lgp ) , from lehigh gas corp in a cash and stock deal .

cst brands will also acquire the associated incentive distribution rights of lgp .

the deal closed on october 1 , 2014 and lgp changed its name to crossamerica partners lp , trading under the ticker symbol " capl " .

on august 22 , 2016 , alimentation couche-tard agreed to buy cst brands in a deal worth $ 4.4 billion including net debt assumed .

the transaction officially closed june 28 , 2017 .

cst brands

glassdoor has 96 cst brands reviews submitted anonymously by cst brands employees . read employee reviews and ratings on glassdoor to decide if cst brands is right for you .
parent of circle k agrees to buy cst brands for $ 4 . 4 billion
couche - tard acquiring cst brands in $ 4 . 4b deal | convenience store news
the process took 3 + months . i interviewed at cst brands in december 2014 .
glassdoor gives you an inside look at what it ' s like to work at cst brands , including salaries , reviews , office photos , and more . this is the cst brands company profile . all content is posted anonymously by employees working at cst brands .
the process took 3 + months . i interviewed at cst brands in december - 2014 .
kim lubel has helmed cst brands since it spun off from valero energy corp . in 2013 .
the partnership funded the transaction through funds available under its credit facility and cst brands utilized available cash .
news about cst brands inc . , including commentary and archival articles published in the new york times .
cst brands immediately became a fortune 500 company upon spinning off from valero energy corp . in 2013 .
circle k parent company finalizes $ 4 . 4 billion merger with cst brands - san antonio express - news
couche - tard finally closes acquisition of san antonio - based cst brands inc . - san antonio business journal
san antonio — circle k parent alimentation couche - tard appears to be the winner in the cst brands sweepstakes .
parent of circle k agrees to buy cst brands for $ 4 . 4 billion - san antonio express - news
alimentation couche - tard inc . and cst brands , inc . ; analysis to aid public comment ; proposed consent agreement
valero stockholders on the books in mid april will receive one share of cst brands for every 9 valero shares they hold .
alimentation couche - tard inc . confirms closing of the agreement with cst brands , inc . and its transaction with parkland fuel corporation
, of the acquisition of cst brands , inc . (
cst
) and its transaction with parkland fuel corporation (
parkland
) ( tsx : pki ) .
cst brands currently operates a network of about 2 , 000 convenience stores . how would those sites be handled by a new owner ?
a new energy company is born — refiner valero energy corp . officially spun off its retail unit on wednesday , creating cst brands inc .
cst brands inc . operates approximately 2 , 000 locations throughout the southwestern united states , georgia , florida , new york and eastern canada .
lubel steered cst brands through its spinoff from valero energy corp . in 2013 and has since helmed the company . activist investors pushed cst brands to a sale last year after it saddled itself with liabilities tied to its aggressive expansion strategy that depressed its stock value and threatened its credit rating .
cst brands sold for $ 3 . 67b as couche - tard bets on u . s . gas stations amid the rise of uber and tesla
) , a subsidiary of seven & i holdings co . , ltd . , signed an agreement to acquire stores from cst brands , inc .
juicy crack spreads have kept downstream refining facilities profitable for the past year , but valero ( vlo ) might be offering investors something even better via its retail operations spinoff cst brands ( cst ) .
terry monroe , founder and president of american business brokers & advisers , added once cst is acquired , couche - tard will focus on improving in - store operations at cst brands locations . he also expects cost cutting to take place at acquired cst locations .
valero announced the spin - off earlier this month . cst brands had 2012 revenue of about $ 13 billion . stores are concentrated in the central and southwestern u . s . states . it also sells fuel under the valero and diamond shamrock brands .
, adjusted to include the acquisition of cst brands , inc . , couche - tard ' s network comprised of close to 9 , 500 convenience stores throughout
the $ 4 . 4 billion deal that will see canadian firm alimentation couche - tard take over san antonio - based cst brands inc . officially closed wednesday .
ftc approves final order requiring divestitures of retail fuel stations and convenience stores related to alimentation couche - tard inc . ’s merger with competitor cst brands , inc .
the acquisition of cst brands also included a transaction with parkland fuel corporation , who will be purchasing a majority of cst’s canadian assets from couche - tard , which are located in quebec , ontario and the atlantic provinces .
cst brands inc . , the parent company of convenience store operator corner store , has closed on its acquisition of nice n easy grocery shoppes in new york state .
quebec - based alimentation couche - tard , the parent company of circle k , closed its $ 4 . 4 billion merger with cst brands inc . on wednesday .
in late march , joe topper , chief executive officer and president of crossamerica partners , announced his plans to retire as ceo effective sept . 30 , 2015 , and resigned as president effective immediately . the new president , jeremy bergeron , who currently serves as senior vice president of integration and development for cst brands , comes with nearly 20 years of experience with valero and cst brands . topper will continue to serve on the boards of both cst brands and crossamerica after he formally steps down as ceo .
cst brands was valued at $ 3 . 4 billion before the report , but rose to $ 3 . 55 billion in tuesday morning trade . it’s assumed laval , quebec - based couche - tard would at least pay this $ 3 . 55 figure to cst brands , and probably more . experts predicted cst brands could fetch at least $ 50 per share , with herzog predicting a price that could reach up to $ 56 per share . the company traded at approximately $ 47 per share on aug . 16 .
in november 2014 , the company closed on the acquisition of nice n easy grocery shoppes . cst will retain the nice n easy brand . cst brands and crossamerica jointly purchased the assets of nice n easy , with crossamerica purchasing 23 fee sites , as well as certain fuel - distribution assets for $ 65 million . cst brands purchased the retail operations at the 32 company - operated sites and certain other assets .
valero energy corp . spun off its retail segment into a new company , cst brands inc . , which debuted on the new york stock exchange on may 1 , 2013 .
the jones company was advised in the transaction by fifth third securities , a subsidiary of fifth third bank . rbc capital markets llc advised cst brands , inc . in the transaction .
bonnie herzog , managing director , beverage , tobacco & convenience store research for wells fargo securities llc , has long looked at couche - tard as a likely acquirer for cst brands .
ftc requires retail fuel station and convenience store operator alimentation couche - tard inc . to divest up to 71 fuel stations as a condition of merger with competitor cst brands , inc .
san antonio — alimentation couche - tard inc . is acquiring cst brands inc . in a $ 4 . 4 - billion deal . the merger agreement announced monday morning brings an end to months of speculation about the future of locally based cst .
cst brands and crossamerica partners lp ( nyse : capl ) jointly purchased the assets of nice n easy , with crossamerica purchasing 23 fee sites as well as certain fuel distribution assets for $ 65 million while cst brands purchased the retail operations at the 32 company - operated sites and certain other assets . crossamerica will lease the acquired real estate to cst and will provide wholesale fuel supply to 24 nice n easy sites under long - term agreements .
san antonio - based cst brands ( nyse : cst ) is the parent company of corner store , the second - largest convenience store operator in north america with 1 , 900 locations in the southwest united states and eastern canada and 12 , 000 employees .
joe topper , the chairman and ceo of the general partner of lgp prior to cst’s acquisition , will continue to serve as president and ceo of the general partner and has joined the board of directors of cst brands . kim lubel , the chairman and ceo of cst brands , will assume the role of chairman of the general partner . “this is a very exciting day for all of us , and signals the start of a new chapter of growth for both cst and the partnership , ” said lubel . “i am happy to welcome joe topper to our leadership team and , on behalf of the cst board of directors , to the cst board . ”
“i want to welcome the dedicated team members of flash foods to cst , ” said kim lubel , chairman and ceo of cst brands . “we have great respect for the organization and are excited to work with and share best practices with this experienced group . ”
when cst brands announced plans to explore strategic alternatives , its stock was hovering between the low and mid - $ 30s per share . recently , the stock has climbed to $ 41 per share .
ftc requires retail fuel station and convenience store operator alimentation couche - tard inc . to divest up to 71 fuel stations as a condition of merger with competitor cst brands , inc . | federal trade commission
the canadian parent company of circle k convenience stores finalized its $ 4 . 4 billion merger with cst brands inc . as ceo kim lubel announced she is leaving the san antonio - based convenience store operator .
san antonio - based cst brands will release its second - quarter results on aug . 5 . it comes five months after the retailer formally launched a full exploration of strategic alternatives in response to pressure from activist shareholders who late last year accused cst leadership of failing to deliver shareholder value .
at least two parties interviewed—each with a different perspective of cst—raised the idea of naming former susser holdings / stripes convenience stores head sam susser ( pictured above ) as ceo of cst brands . one suggested bringing in susser , who sold his company in 2014 to energy transfer partners , even if cst isn’t sold , while the other identified susser as an alluring figure should an investment group acquire cst . the speculation is rooted largely in two key factors :
given its profitability , cst brands looks already like a “buy” — or at least a “hold” if you received shares in the spinoff . the deal looks even better when you compare it to its major publicly traded competitors .
kim lubel , president and ceo of cst brands inc . , will leave the company after it completes its $ 4 . 4 billion merger with alimentation couche - tard inc . , the canadian parent company of circle k .
couche - tard inc . agreed to purchase cst brands , which operates the corner store chain of convenience stores , in an all - cash transaction in august . as part of the deal , couche - tard will assume cst’s debt , which stood at $ 2 . 5 billion as of march 31 .
today i say goodbye to the great cst team members that make cst strong . how lucky i am to have something that makes saying goodbye so hard ! urltoken
a cst spokesperson did not immediately respond to follow - up requests for comment .
) - - cst brands , inc . ( nyse : cst ) and lehigh gas partners ( nyse : lgp ) today announced cst’s completion of the purchase of 100 % of the membership interests of lehigh gas gp llc , the general partner of lehigh gas partners lp ( nyse : lgp ) from lehigh gas corporation and all of the outstanding idrs of lgp . the aggregate consideration was $ 17 million in cash and 2 . 044 million shares of cst common stock .
san antonio - - as speculation swirls around the likely sale of convenience - store retailer cst brands , analysts , industry insiders and investors of the publicly traded company agree that the company’s upcoming second - quarter earnings call is critical .
a refining behemoth that became a retail giant as well , valero energy corp . spun off its retail segment into cst brands inc . , debuting on the new york stock exchange on may 1 , 2013 . since then , cst brands has been focused on the corner store brand , building new sites and acquiring convenience stores , growing its footprint in the northeast , texas and arizona . it has added more than 1 , 400 employees , totaling about 13 , 500 .
a refining behemoth that became a retail giant as well , valero energy corp . spun off its retail segment into a new company , cst brands inc . , which debuted on the new york stock exchange on may 1 , 2013 .
circle k and kangaroo express owner alimentation couche - tard inc . is about to buy cst brands inc . according to published reports and that could catapult the canadian - based retailer ahead of irving - based 7 - eleven by store count .
in addition to lubel , cst’s top four executives also will be leaving the company .
for cst brands and ceo kim lubel , the company ' s sale completes a three and a half year run on the nyse in which it rose roughly 65 % , more than doubling the gains posted by the s & p 500 index . “after the board’s comprehensive review of strategic alternatives to enhance stockholder value , we are pleased to reach this agreement with couche - tard , which we expect to provide immediate and compelling value to our stockholders , ” added kim lubel , ceo of cst brands .
cst brands ceo and president kim lubel echoed hannasch , “this really gives us a nice scale for circle k in texas and fits almost like a jigsaw puzzle when you layer the two together , on the u . s . footprint in particular . ”
cst brands , inc . investors : randy palmer , 210 - 692 - 2160 executive director – investor relations or media : lisa koenig , 210 - 692 - 2659 director of communications or the deberry group melissa ludwig or trish deberry , 210 - 223 - 2772
quebec - based alimentation couche - tard inc . , the parent company of the circle k chain of gas stations , has agreed to buy san antonio - based convenience store operator cst brands for about $ 4 . 4 billion in an all - cash transaction .
the san antonio - based corner store chain of convenience stores will be rebranded circle k after the two brands’ parent companies finalized a $ 4 . 4 billion merger wednesday .
alimentation couche - tard inc . announced it has obtained clearance from the ftc for the acquisition of cst brands inc ( nyse : cst ) . couche - tard has agreed to sell 70 sites to empire petroleum partners , llc in the u . s . and expects the divestiture transaction to close at the end of august or in early september , 2017 .
couche - tard has also entered into an agreement with parkland fuel corp . to sell certain canadian assets of cst after the merger for approximately $ 750 million . the assets include cst ' s cardlock business , cst ' s dealer and commission agents business , cst ' s commercial and home energy business , a number of company - operated stores to be determined following the competition bureau of canada ' s review of the transaction and cst ' s montréal corporate head office .
two venture capital firms that own shares in cst brands , jcp investment management llc and engine capital lp , have criticized the retailer in the past for poor merchandise sales . these activists ' efforts led cst to appoint convenience store industry veterans tad dickson and rocky dewbre to its board of directors and undertake an “exploration of strategic alternatives to further enhance shareholder value . ”
and then in june , 7 - eleven bought 79 stores from cst in california and wyoming .
) - - cst brands , inc . ( nyse : cst ) , a san antonio - based fortune 500 fuel and convenience retailer , announced today the closing of the previously announced acquisition of the flash foods store network from the jones company and its affiliates . based in waycross , ga , the jones company and its affiliates operate 165 stores in the georgia and florida markets .
investors will receive $ 48 . 53 a share for cst — a price that is 42 percent higher than cst’s closing price on march 3 , shortly before the company announced it was considering a sale , couche - tard said monday . couche - tard also agreed to assume all of cst’s debt .
based on several metrics , cst is the cheapest of its peer group . based on projected earnings , cst can be had for a forward p / e of just 14 , compared to 17 . 6 for susser holdings ( suss ) and 18 . 33 for casey’s general stores ( casy ) . on the enterprise value / ebitda , cst brands is still better than its two peers , clocking in at just 8 . 2 . that compares 8 . 4 and 9 . 3 for its respective rivals .
cst unveiled the corner store market brand , which focused on fresh food and groceries , in november 2015 .
cst brands , inc . investors : randy palmer , 210 - 692 - 2160 director – investor relations or media : the deberry group melissa ludwig or trish deberry , 210 - 223 - 2772 or crossamerica partners lp investors : karen yeakel , 610 - 625 - 8126 vice president , investor relations kyeakel @ urltoken
on monday , quebec - based convenience store operator alimentation couche - tard unveiled a $ 3 . 67 billion takeover of cst brands , a conglomerate that supplies exxonmobil , valero , bp , shell and phillips66 fuel to some 3 , 000 gas stations around the country and operates hundreds of gas station convenience stores .
regarding why the deal makes sense for couche - tard , monroe responded the parent of circle k
can add to its geographic footrptint in the southern portion of the united states . texas is one region that is desirable , as is georgia [ where cst brands acquired flash foods inc . sites ] .
additionally , one of the new directors added to the cst board in march was former susser executive rocky dewbre .
retail fuel station and convenience store operator alimentation couche - tard inc . has agreed to divest up to 71 retail fuel stations with convenience stores to empire petroleum partners in order to settle federal trade commission charges that act’s proposed $ 4 . 4 billion acquisition of competitor cst brands , inc . would violate federal antitrust law .
couche - tard inc . agreed to purchase cst brands , which operates the corner store chain of convenience stores , in an all - cash transaction in august . couche - tard won merger approvals from regulators in the u . s . and canada earlier this week and completed the merger wednesday . as part of the deal , couche - tard will assume cst’s debt , which stood at $ 2 . 5 billion as of march 31 .
bofa merrill lynch is serving as lead financial advisor and j . p . morgan chase is also serving as financial advisor to cst . wachtell , lipton , rosen & katz and stikeman elliott are acting as legal advisors to cst .
in speaking with an industry analyst recently , senior management of cst brands and crossamerica stated that they are currently looking at 20 deals in their acquisition pipeline and are targeting $ 150 million to $ 200 million in acquisitions a year , subject to market conditions . cst is also focused on organic growth , and plans to build 35 to 40 new locations in the united states this year , as well as 10 to 12 new locations in canada .
cst brands , inc . ( nyse : cst ) , a fortune 500 company , is one of the largest independent retailers of motor fuels and convenience merchandise in north america . based in san antonio , texas , cst employs over 14 , 000 team members at over 2 , 000 locations throughout the southwestern united states , georgia , florida , new york and eastern canada offering a broad array of convenience merchandise , beverages , snacks and fresh food . in the u . s . , cst corner stores proudly sell fuel and signature products such as fresh choices baked and packaged goods , u force energy and sport drinks , cibolo mountain coffee , fc soda and flavors2go fountain drinks . in canada , cst is the exclusive provider of ultramar fuel and its dépanneur du coin and corner stores sell signature transit café coffee and pastries . cst also owns the general partner of crossamerica partners lp , a master limited partnership and wholesale distributor of motor fuels , based in allentown , pennsylvania . for more information about cst , please visit urltoken .
cst brands , inc . , a fortune 500 company , is one of the largest independent retailers of motor fuels and convenience merchandise in north america . based in san antonio , texas , cst employs nearly 12 , 000 team members at nearly 1 , 900 locations throughout the southwestern united states and eastern canada offering a broad array of convenience merchandise , beverages , snacks and fresh food . in the u . s . , cst corner stores proudly sell fuel and signature products such as fresh choices baked and packaged goods , u force energy and sport drinks , cibolo mountain coffee , fc soda and flavors2go fountain drinks . in canada , cst is the exclusive provider of ultramar fuel and its dépanneur du coin and corner stores sell signature transit café coffee and pastries . for more information about cst , please visit urltoken .
if you want a real dark horse , some industry observers say keep an eye out for the company that originally divested cst brands—valero energy . “i don’t see it , ” one investor said , “but if they could get it for the right price , it would ensure them a large retail network to carry their [ valero fuel ] brand . ”
the cst acquisition , valued at $ 48 . 53 a share , is a big get for couche - tard’s fleet .
valero on tuesday reported first - quarter earnings of $ 1 . 18 a share , compared to estimates around $ 1 a share . on a conference call with analysts , the refiner said it is considering spinning off its “midstream” business – logistics , transportation and storage — into a master limited partnership after it completes the spin - off of cst brands .
at this stage , there is less than a 5 % probability that cst brands will remain an independent operator . according to multiple sources , the company will be sold before the end of year . two sources confirmed that if the company is not sold by year’s end , ceo kim lubel ( pictured above ) could be replaced with an interim leader .
cst brands has about 1 , 900 company - operated convenience stores and gas stations in the united states and canada and more than 5 , 000 retail and branded wholesale outlets in the united states , canada and the caribbean . most of the u . s . company - operated stores do business under the name corner store and most sell valero fuel .
last year , valero decided to spin off cst brands in a move that will concentrate its operations to strictly refining petroleum . that will make vlo a much leaner refining operation and will remove much of the “uncertainty” of retail from its earnings . valero also is considering spinning off its midstream assets into an mlp to gain the tax advantages of being general partner .
cst brands has about 2 , 000 company - operated convenience stores and gas stations in the united states and canada and more than 5 , 000 retail and branded - wholesale outlets in the united states , canada and the caribbean . most of the u . s . company - operated stores do business under the name corner store and most sell valero fuel .
this press release and any oral statements made regarding the subjects of this release may contain forward - looking statements of cst brands and crossamerica partners . the words “believe , ” “expect , ” “should , ” “intends , ” “estimates , ” and other similar expressions identify forward - looking statements . it is important to note that actual results could differ materially from those projected in such forward - looking statements . for more information concerning factors that could cause actual results to differ from those expressed or forecasted , see cst brand’s and crossamerica’s ( formerly lehigh gas partners’ ) form 10 - qs or form 10 - k filed with the securities and exchange commission , available at urltoken . neither cst brands or crossamerica partners undertake any obligation to publicly update or revise any statements in this release , whether as a result of new information , future events or otherwise .
he added couche - tard is
excited to share best practices with cst as well as to combine the capabilities of cst ' s team with couche - tard ' s , to enhance value for our stockholders . we strongly believe that our all - cash offer is a compelling one for cst ' s stockholders , giving them the opportunity to realize full and immediate value for their investment .
and couche - tard would be making the leap over 7 - eleven with the purchase of a texas - based company . the wall street journal this morning is quoting sources who said couche - tard is nearing a deal to pay $ 3 . 4 billion for san antonio - based cst brands , which was formed in 2013 when valero energy corp . spun off its stores .
acquiring cst also gives couche - tard a leg up in the convenience store industry’s shift toward in - store sales of fresh food .
these assets include 159 cst stores , its montreal corporate office , its commercial cardlock business and its entire commercial and home energy business .
“it’s been more than four months since cst began looking at strategic alternatives . some investors are growing impatient , ” said one institutional investor , who , like others interviewed for this story , spoke on condition of anonymity to comment openly about cst and its future prospects .
couche - tard will , through its acquisition , also acquire cst ' s interest in crossamerica partners lp and associated incentive distribution rights .
closing of the acquisition of cst is expected to occur on june 28 , 2017 . cst stockholders will receive $ 48 . 53 in cash per share , for a total enterprise value of approximately us $ 4 . 4 billion , including the assumption of net debt .
in 2014 , cst acquired the general partner of crossamerica partners lp ( formerly lehigh gas partners ) and then jointly acquired 32 nice n easy grocery shoppes in new york , and erickson oil of wisconsin and its 64 freedom valu stores . cst brands also picked up 22 timewise stores in texas from landmark industries and 41 company - operated one stop convenience stores based in charleston , w . va . , along with four commission agent sites , nine dealer fuel - supply agreements and one freestanding franchised quick - service restaurant .
cst brands has company - operated convenience stores and gas stations in the united states and canada and more than 5 , 000 retail and branded wholesale outlets in the u . s . , canada and the caribbean . more than half of cst ' s u . s . corner stores are located in texas . most of the u . s . company - operated stores do business under the name corner store and most sell valero fuel , but the company is emphasizing the corner store brand rather than the fuel brand .
statements contained in this release that state the company’s or management’s expectations or predictions of the future are forward - looking statements . the words “believe , ” “expect , ” “should , ” “intends , ” “estimates , ” “target” and other similar expressions identify forward - looking statements . it is important to note that actual results could differ materially from those projected in such forward - looking statements . for more information concerning factors that could cause actual results to differ from those expressed or forecasted , see cst brands’ form 10 - qs and form 10 - k filed with the securities and exchange commission , and available on cst brands’ website at urltoken . the company undertakes no obligation to publicly update or revise any statements in this release , whether as a result of new information , future events or otherwise .
monday ' s all - cash deal values cst brands at $ 48 . 53 a share , a 42 % premium to the company ' s share price in march when reports of a sale first surfaced . couche - tard is valuing cst at $ 4 . 4 billion when including its debt . for couche - tard , the acquisition will expand its footprint in the u . s . and will give it ownership of a company that sold nearly 3 billion gallons of gasoline last year and generated $ 11 . 4 billion in sales .
add in the fact that cst management has already stated its intention to pay a dividend , and you have a recipe for long - term success .
cst’s stock - price reaction in light of the news was somewhat unusual . instead of rising toward couche - tard’s offer price as expected , cst dropped slightly monday , closing at $ 47 . 45 a share . and in another curiosity , couche - tard’s shares soared by more then 7 percent .
this review led cst to shed some underperforming assets , including 79 convenience stores in california and wyoming , which the company sold to 7 - eleven inc .
the price tag equals $ 48 . 53 per share in cash . in all , the transaction value represents a premium of approximately 42 percent to cst ' s closing stock price on march 3 , the last date prior to cst announcing that its board of directors began exploring strategic alternatives to further enhance stockholder value .
in june , cst brands , with partner crossamerica partners lp , entered into a definitive agreement to acquire the one stop convenience - store chain based in charleston , west virginia . the transaction includes 41 company - operated one stop convenience stores , four commission - agent sites , nine dealer fuel - supply agreements and one freestanding franchised quick - service restaurant . of the 45 company - operated and commission agent sites , 30 are owned in fee . five of the company - operated locations have quick - service restaurants . for the year ended dec . 31 , 2014 , the aggregate 54 sites sold approximately 36 million gallons of motor fuel primarily under the marathon and exxon fuel brands , and had approximately $ 40 . 5 million in inside sales .
laval , quebec - based couche - tard is a global leader in the convenience and fuel retail industry , with a strong circle k brand across the united states . together , couche - tard and cst will join on the journey to become the world ' s preferred destination for convenience and fuel , according to cst .
the merger constitutes a significant coup for couche - tard in its bid to become the dominant convenience store operator in north america . cst brands operates 2 , 019 stores in the united states and canada , a network attained by the san antonio’s aggressive acquisitions strategy since it spun from valero energy corp . in 2013 — though the approach saddled the company with billions in debt . the acquisition brings couche - tard’s north american convenience store network to 10 , 180 stores .
while it currently trades at a discount , cst won’t stay that way for long . with long - term pricing contracts for gasoline still in hand from its former parent , along with its healthy real estate advantage ( can you say a reit potential ? ) , analysts estimate cst should and will eventually trade for a hefty premium in the space . just how hefty ? if cst can approach the industry average for ev / margins , shares should trade about 70 % higher than current prices .
cst’s network of convenience stores offer a broad array of merchandise , beverages , snacks and fresh food . in the united sates , cst corner stores sell products such as fresh choices baked and packaged goods , u force energy and sport drinks , cibolo mountain coffee , fc soda and flavors2go fountain drinks . u . s . stores are known for kolaches and whoopie pies . in 2012 , cst sold more than four million kolaches and 1 . 3 million whoopie pies baked fresh in its u . s . stores . in canada , cst is the exclusive provider of ultramar fuels and its depanneur du coin and corner stores sell signature transit cafe coffee and pastries .
cst brands , inc . operates as a holding company , which conducts substantially all of its operations through its subsidiaries . it is an independent retailer of motor fuel and convenience merchandise items in the u . s . and eastern canada . the company ' s operations include the sale of motor fuel at convenience stores , filling stations and cardlocks , the sale of convenience merchandise items and services at convenience stores and the sale of heating oil to residential customers and heating oil and
ceo kim lubel , who led cst from its inception through the merger , announced wednesday that the closing of the deal would be her last day with the company .
meanwhile , cst made $ 112 million from fuel sales during the three - month period ended march 31 compared with $ 120 million during the same timeframe last year .
headquartered in quebec , canada , act operates convenience stores and retail fuel stations worldwide , including nearly 4 , 700 in united states . almost all the convenience stores , which operate primarily under the circle k and kangaroo express banners , also sell retail fuel under a variety of company and third - party brands .
the sale of more than stores by cst would be one of the biggest recent moves at consolidating the convenience store industry and would give couche - tard new bragging rights .
cst shareholders are still making out pretty well in this deal , considering the run up in shares since cst announced it was exploring a sale . couche - tard is topping the stock’s highest stand - alone price since its 2013 spinoff from valero and paying a 26 percent premium to analysts’ average price target before the sale speculation picked up in the spring .
cst ' s network of convenience stores offer a broad array of merchandise , beverages , snacks and fresh food . in the united states , cst corner stores sell private - label products , such as fresh choices baked and packaged goods , u force energy and sport drinks , cibolo mountain coffee , fc soda and flavors2go fountain drinks . u . s . stores are known for kolaches and whoopie pies . in canada , cst is the exclusive provider of ultramar fuels and its depanneur du coin and corner stores sell signature transit cafe coffee and pastries .
while the heart of its portfolio resides in texas , the company’s remaining assets are far - flung through its control of 265 stores in canada , more than 70 from its 2014 acquisition of the nice n easy chain in upstate new york , and operations of crossamerica partners lp , a master limited partnership ( mlp ) with headquarters in allentown , pa . , that is engaged in wholesale distribution of motor fuels . in addition , cst brands also owns the 170 - store flash foods inc . based in waycross , ga .
cst responded by forming a special committee of independent directors to oversee the process , forging agreements with activist shareholders jcp management and engine capital lp to changes on the company’s board of directors .
the merger is expected to close in early 2017 , according to the release . it is subject to the approval of cst’s shareholders and regulators in the u . s . and canada .
it is a great day for our investors , our employees and , above all , for our customers . cst is the fourth - largest network of convenience stores and fuel retailing in
crossamerica partners lp closed on the purchase of all of the outstanding shares of hudson , wis . - based erickson oil products inc . and certain related assets for $ 85 million , subject to certain post - closing adjustments . erickson operates 64 convenience stores in minnesota , michigan , wisconsin and south dakota , with a concentration in the twin cities . crossamerica intends to operate the freedom valu convenience stores , but expects to transfer the operation of certain sites over time to cst brands inc . , the parent company of crossamerica’s general partner .
acquiring cst also gives couche - tard a leg up in the convenience store industry’s shift toward in - store sales of fresh food . under lubel’s leadership , cst sought to insulate itself from volatile gas prices and falling cigarette sales by increasingly offering freshly prepared food items and groceries at its convenience stores and unveiled a separate brand , corner store market , specifically focusing on fresh food .
iridian asset management , vanguard , american century and pennant capital are the top four shareholders of cst , according to filings with the securities and exchange commission . bofa merrill lynch is serving as lead financial advisor and j . p . morgan chase is also serving as financial advisor to cst . wachtell , lipton , rosen & katz and stikeman elliott are the company ' s legal advisors .
cst employs more than 14 , 000 team members at more than 2 , 000 locations throughout the southwestern united states , georgia , florida , new york and eastern canada . its u . s . banners are corner stores , nice n easy grocery shoppes , and flash foods . in canada , cst is the exclusive provider of ultramar fuel and its dépanneur du coin and corner stores .
since then , cst fetched a very lucrative return from 7 - eleven inc . and its subsidiary sei fuel services , selling 79 locations —all but three sites in california—for $ 408 million in may .
we look forward to welcoming cst and crossamerica to the couche - tard family ,
said brian hannasch , couche - tard ' s president and ceo .
cst is an excellent company and is well positioned in the southwestern united states with an important presence in texas , georgia , in the u . s . southeast region , new york and eastern canada . with this transaction we would strategically strengthen our positioning in both the ' sun belt ' and the east coast of north america . our teams are looking forward to meeting cst customers and welcoming them into the couche - tard family .
cst had been on a shopping spree since its spinoff , issuing new debt to finance its ambitious growth plans . the convenience store operator acquired $ 300 million of fresh debt with the february purchase of flash foods , a georgia - based convenience store chain with 165 stores . that month , a cst subsidiary snatched up wisconsin - based erickson oil products and its 64 stores in the upper midwest . last year , cst bought new york - based nice n easy grocery shoppes ’s 77 stores and crossamerica partners bought 22 convenience stores in san antonio and austin from houston - based landmark industries in early 2015 .
the transaction also represents a premium of approximately 61 percent since may 1 , 2013 , the last date prior to regular way trading of cst following the company ' s spin off from valero energy corp .
the efforts by cst seemed to pay off . the convenience store operator made $ 164 million from merchandise and services during the first quarter of this year , a 2 . 5 percent boost from $ 160 million earned during the same period in 2016 . meanwhile , cst made $ 112 million from fuel sales during the three - month period ended march 31 compared with $ 120 million during the same timeframe last year .
cst’s gross profit from sales of merchandise and services in the u . s . and canada jumped 24 percent to $ 182 million during the second quarter , compared to $ 147 million during the same period in 2015 . gross profit for fuel sales , including sales made by cst’s subsidiary crossamerica partners lp , rose to $ 134 million during the second quarter — or 14 percent more than the $ 118 million last year .
executives for both companies view the sale as a major in - road for couche - tard to establish a larger footprint for its circle k chain in the southeast , especially in texas where cst runs 648 stores .
the $ 48 . 53 offering price also is 3 percent above cst’s closing price as of last monday , hours before the wall street journal reported that couche - tard was the likely winning bidder for the san antonio company .
the boards of both companies unanimously agreed to the sale . couche - tard plans to rebrand cst’s stores under the circle k logo and to establish a business unit in san antonio with shared service operations after the acquisition closes .
san antonio , texas - based cst operates 1 , 146 convenience stores and retail fuel stations in the united states . the convenience stores operate primarily under the corner store banner , while the fuel stations generally use the valero brand .
crossamerica partners lp , headquartered in allentown , pa , is a leading wholesale distributor of motor fuels and owner and lessee of real estate used in the retail distribution of motor fuels . formed in 2012 , the company distributes fuel to over 1 , 050 locations and owns or leases more than 625 sites in sixteen states : pennsylvania , new jersey , ohio , florida , new york , massachusetts , kentucky , new hampshire , maine , tennessee , maryland , delaware , west virginia , virginia , illinois and indiana . the company is affiliated with several major oil brands , including exxonmobil , bp , shell , chevron , sunoco , valero , gulf and citgo . crossamerica ranks as one of exxonmobil ' s largest distributors by fuel volume in the united states and in the top 10 for many additional brands . for additional information , please visit urltoken ( formerly urltoken ) .
couche - tard plans to run its largest u . s . operation from cst’s former 559 , 258 - square - foot headquarters at 19500 bulverde road on the north side , which will manage the texas stores including 170 in san antonio .
cst sought the sale after two activist investors — engine capital lp in new york and houston - based jcp investment management — muscled their way onto the board in march and pushed the company to seek “strategic alternatives” to boost its stockholder value .
under lubel’s leadership , cst sought to insulate itself from volatile gas prices and falling cigarette sales by increasingly offering freshly prepared food items and groceries at its convenience stores and unveiled a separate brand , corner store market , specifically focusing on fresh food .
i have always thought that in our industry ' size matters ' , whether that be for purchasing , logistics , best practices or for becoming famous for our product categories ,
said alain bouchard , founder and executive chairman of the board of directors , couche - tard .
the addition of cst ' s exceptional people and its strategic assets takes us one step further towards all these goals . i look forward to welcoming the cst and crossamerica teams onboard into our growing company .
that strategy weighed down cst’s stock and prompted s & p global ratings to warn the company earlier this year of a possible downgrade in its credit rating . s & p revised its creditwatch implications to “positive” from “developing” on news of the sale .
in recent months , cst had been reshaping itself to emphasize sales of groceries and fresh food over fuel through its corner store market concept , a move intended to insulate the company from volatility in the oil and gas industry and declining cigarette sales .
the efforts by cst seemed to pay off . the convenience store operator made $ 164 million from merchandise and services during the first quarter of this year , a 2 . 5 percent boost from $ 160 million earned during the same period in 2016 .
two sources told csp daily news that while cst is intent to sell the entire network to a single buyer , if it cannot obtain a satisfactory price , it could divest the canadian and new york assets and the flash foods portfolio in separate transactions .
the newly minted company is the second - largest publicly traded convenience retailer in north america , with 1 , 900 outlets in the u . s . and canada . the company will trade on the new york mercantile exchange under the ticker cst starting thursday .
despite selling up to 71 cst - branded corner store locations in the united states , including some in texas , couche - tard will be adding over 1 , 300 new sites to its vast catalogue , which will now total nearly 14 , 000 stores worldwide .
cst also controls the general partner of crossamerica partners lp , owns 100 percent of its incentive distribution rights and holds a significant equity investment in it . crossamerica distributes branded and unbranded road transportation fuel to more than 1 , 100 locations in the u . s .
as part of the merger , couche - tard will sell off some of cst’s canadian operations to parkland fuel corp . for $ 750 million after the merger is complete . couche - tard expects to finance it with its available cash and new and existing loans .
it’s unclear how exactly cst’s corporate presence in san antonio and executive team will be affected by the sale . the san antonio - based company , which operates the corner store brand of convenience stores , currently leases about 83 , 000 square feet of office space at 100 valero way , for its corporate headquarters . cst plans to move into its new 559 , 258 - square - foot headquarters at 19500 bulverde road , which it paid $ 43 million to acquire in 2014 , within the next three weeks , lubel said .
in march , under pressure from investors , cst launched a strategic review of assets that included a possible sale . suitors at the time included couche - tard , 7 - eleven parent seven & i , marathon petroleum , oxxo or a private - equity firm .
cst was spun off from valero in may 2013 and performed strongly in its brief life on the new york stock exchange as it used acquisitions to increase its footprint , building a dominant operation across the southeast u . s . and in states like texas , georgia and new york .
“in cst , we acquire a company with strategic value that will efficiently complement our network , ” couche - tard ceo brian hannasch said in a statement . “we bring in great new locations as well as expertise and experience which are likely to allow us to venture into new opportunities . ”
after the board ' s comprehensive review of strategic alternatives to enhance stockholder value , we are pleased to reach this agreement with couche - tard , which we expect to provide immediate and compelling value to our stockholders ,
said kim lubel , chairman , ceo and president of cst .
the divestiture order requires act to divest 70 cst fuel stations to empire , and to give empire the option of acquiring an additional location owned by act . the fuel stations to be divested are in arizona , colorado , florida , georgia , louisiana , new mexico , ohio , and texas .
couche - tard expects to finance the all - cash transaction with available cash , its existing credit facilities and a new term loan . the transaction is currently expected to close in early 2017 , subject to the approval of cst ' s stockholders and regulatory approvals in the u . s . and canada .
the other ace up cst’s sleeve is that it owns the real estate for around 79 % of its stores , compared to an average of 52 % for its peer group . that provides the company with the potential to participate in leaseback transactions in the future and reduce the company’s fixed costs in the present .
the companies also announced today that lehigh gas partners lp has changed its name to crossamerica partners lp effective today , october 1 , 2014 . beginning on october 6 th , crossamerica will begin trading under the symbol “capl” and the partnership’s common units will continue to trade on the new york stock exchange . “i believe that the new name , crossamerica partners , truly reflects our combined vision of growth of cst and crossamerica across the north american continent , ” said topper . “collectively , cst and crossamerica distribute fuel to approximately 3 , 000 locations in 27 states from california to virginia , florida to maine , and across eastern canada . ”
three former cst executives — stéphane trudel , senior vice president of growth and strategy ; steve lattig , vice president of integration and development operations ; and jeff truman , vice president of regional retail operations — will run three of couche - tard’s divisions in the u . s . and canada , the company said wednesday .
to meet antitrust requirements from u . s . and canadian regulators , couche - tard agreed to sell cst’s headquarters in montreal along with 159 corner stores in canada to parkland fuel corp . and 70 corner stores in the u . s . — including 19 in texas — to dallas - based fuel distributor empire petroleum partners .