SS&C Technologies to proceed with Mainstream Group acquisition
The announcement follows the conclusion of Scheme Implementation Deed with Vistra, which opted not to match SS&C’s offer.
April 21, 2021 2:56 PM GMT
Tech giant SS&C Technologies is set to move forward with its acquisition of Australian fund services provider Mainstream Group for $225 million.
The announcement follows the conclusion of Scheme Implementation Deed with Vistra, which opted not to match SS&C’s offer.
Vistra had previously agreed to acquire Mainstream in March for $170 million, however the firm was granted a month to seek competing offers pursuant to agreed ‘go shop’ arrangements.
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SS&C Offers to Acquire Mainstream Group
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WINDSOR, Conn., April 12, 2021 /PRNewswire/ SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that it has entered into a conditional Scheme Implementation Deed with Mainstream Group Holdings Limited (ASX: MAI, Mainstream ). SS&C proposes to acquire 100% of the shares and outstanding equity rights in Mainstream at a price of A$2.00 per security pursuant to a scheme of arrangement.
Mainstream is a provider of investment administration, middle office, fund accounting, superannuation administration, share registry and unit registry (transfer agency) services to leading fund managers and superannuation funds, family offices and dealer groups. The company serves clients globally through its offices in Australia, Hong Kong, Singapore, Ireland, Malta, Isle of Man, the Cayman Islands and the U.S.