SS&C Seeks To Acquire Mainstream At $63.3% Premium

Financial technology company SS&C Technologies Holdings Inc SSNC inked a conditional Scheme Implementation Deed to acquire Mainstream Group Holdings Limited at A$2 per share at an enterprise valuation of $225 million (A$296 million).
The purchase price signified a 63.3% premium to Mainstream’s Friday closing price of A$1.225.
Mainstream is an investment administration, middle office, fund accounting, superannuation administration, share registry, and unit registry (transfer agency) services provider to fund managers and superannuation funds, family offices, and dealer groups.
Mainstream had previously inked into a Scheme Implementation Deed with Vistra Group at a lower offer price.
Mainstream Group’s fund and superannuation services complemented SS&C’s extensive administration offerings in Australia and globally and established great revenue growth potential, according to SS&C Chairperson and CEO Bill Stone.
SS&C held $209.3 million in cash and equivalents as of Dec. 31, 2020.
Price action: SSNC shares traded higher by 1.97% at $73.86 on the last check Monday.