- Acquisition Details:
- UK fintech Gresham Technologies is set to be acquired by Alliance Bidco Ltd (Bidco), a company indirectly owned by US-based private equity firm STG Partners, in a deal worth £146.7 million.
- Agreed Deal:
- The acquisition comprises a cash offer and a permitted dividend, totaling 163.75 pence per Gresham share, representing a premium of approximately 26.9% on the closing share price from Monday.
- Expected Closure:
- The acquisition is anticipated to be completed by the third quarter of 2024, subject to approval by Gresham’s shareholders.
- Merger Plans:
- Bidco intends to merge Gresham with its portfolio company Alveo, acquired in January 2023. Alveo is a cloud-based data management and analytics provider for the financial services industry.
- Strategic Rationale:
- The merger aims to create a capital markets data management specialist, offering clients enhanced scale and a broader range of solutions to facilitate their business processes.
- Compelling Opportunity:
- Bidco sees the acquisition as a compelling opportunity to acquire a well-established firm providing post-trade processing solutions to capital markets participants.
- Global Presence:
- Bidco emphasizes that the acquisition positions the combined entity as a data control, reconciliation, and post-trade workflow vendor across the EMEA, North America, and APAC regions.
- Gresham’s Profile:
- Established in 1969, Gresham is a software company supplying automation and data reconciliation solutions for financial services firms, with its flagship offering being the Clareti software platform.
- Chairman’s Perspective:
- Gresham’s chairman, Richard Last, views the acquisition as an opportunity to continue the Clareti journey and provide Gresham shareholders with fair and certain value realization.
UK fintech Gresham Technologies to be acquired by STG Partners for £147m
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