Business Combinations

9 Months Ended

Sep. 30, 2019

Note 3. Business Combinations

On April 1, 2019, the Company acquired 100% ownership of Mist Systems, Inc. (“Mist”) for $359.2 million. The purchase consideration consisted of cash of $354.5 million and $4.7 million in share-based awards attributable to services prior to the acquisition. The acquisition of Mist, a company that provides cloud-managed wireless networks powered by artificial intelligence, is expected to enhance Juniper's enterprise networking portfolio by combining Mist’s next-generation Wireless LAN platform with Juniper's wired LAN, SD-WAN, and security solutions to deliver integrated end-to-end user and IT experiences.

The following table summarizes the estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in millions):



	Amount
Cash and cash equivalents	$	38.9
Goodwill	228.9
Intangible assets	102.0
Other assets acquired	15.8
Liabilities assumed	(26.4		)
Total	$	359.2

The goodwill recognized in connection with the acquisition is primarily attributable to anticipated synergies from future growth and will not be deductible for income tax purposes.

The following table summarizes the fair value of the separately identifiable intangible assets at the time of acquisition (in millions):



	Amount
Intangible assets^(*):
Developed technology	$	81.0
Customer relationships	15.0
Trade name	6.0
Total intangible assets acquired	$	102.0

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^(*)Estimated useful life of each of the assets is 5 years.

Acquisition-related costs were not material during the three and nine months ended September 30, 2019 and were expensed in the period incurred within general and administrative expense in the Company's Condensed Consolidated Statements of Operations.

The Company's Condensed Consolidated Financial Statements include the operating results of this business combination from the date of acquisition. Pro forma results of operations for this acquisition have not been presented, as the financial impact to the Company's consolidated results of operations is not material. The primary areas of the preliminary purchase price allocation that are subject to change relate to certain legal and income tax matters.