Press release
SS&C Offers to Acquire Mainstream Group
WINDSOR, Conn., April 12, 2021 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that it has entered into a conditional Scheme
About this update from Ss&c Technologies Holdings, Inc.
[{"type":"text","content":"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. \n\n \n \n \n \n \n \n\n \nMainstream 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.\nMainstream had previously entered into a Scheme Implementation Deed with Vistra Group at a lower offer price and under that deed, Vistra has certain matching rights. The Scheme Implementation Deed entered into by SS&C is conditional on the ultimate outcome of that matching right process. Depending on the outcome, if the acquisition by SS&C proceeds, it will be recommended by the board of directors of Mainstream.\n\"Mainstream Group's fund and superannuation services complement SS&C's extensive administration offerings in Australia and throughout the world and demonstrate great revenue growth potential,\" said Bill Stone, Chairman and CEO. \nTerms of the proposed acquisition imply an enterprise value for Mainstream of approximately A$296 million or approximately US$225 million (including transaction costs and net debt). If the acquisition proceeds, it will be subject to customary conditions, including approval by the shareholders of Mainstream, the relevant Australian court and certain regulatory approvals, and will be expected to close in the third quarter of 2021. \nMainstream is being advised by Miles Advisory Partners as financial adviser and Maddocks as legal adviser.\nSS&C is being advised by Citi as financial adviser and Gilbert + Tobin as legal adviser.\nAbout Mainstream Group Holdings\nMainstream Group Holdings Limited (ASX: MAI) provides fund and superannuation administration services underpinned by investment in people, processes and technology. As at December 2020, Mainstream provides ad...