FNZ has been given the go ahead to acquire fellow platform technology company GBST after the Australian supreme court of New South Wales approved the deal.
The scheme became legally effective last week and GBST shares were suspended on 18 October.
GBST shareholders with shares in the company at both 7pm Sydney time yesterday (special dividend record date) and the same time tomorrow (scheme record date) will receive a total cash payment of A$3.85 per share.
This will be made up of a special dividend of A$0.35 and a scheme consideration of A$3.50.
FNZ acquisition of GBST moves step closer
FNZ will acquire 100 per cent of GBST after the latter’s shareholders voted overwhelmingly in favour of the deal on 14 October.
The deal was first announced in July and will bolster FNZ’s position in the UK. It followed hot on the heels of the company’s acquisition of software provider JHC Systems and German investment platform Ebase.
FNZ provides the platform software used by several firms including Zurich, Aviva and Standard Life. While GBST works with the likes of Aegon and Novia.
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The GBST deal is expected to be implemented on 5 November.
Responding to AJ Bell’s trading update today Liberum analyst Rahim Karim referenced the platform technology deal
He said: “We note that the company has received a letter from FNZ stating that it doesn’t anticipate any changes to its service offering following the merger with GBST, while this provides certainty in the short term we still question the impact that this deal may have over the long term.”
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