WINDSOR, Conn., May 14, 2021 /PRNewswire/ -- SS&C
Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that it
has amended the Scheme Implementation Deed with Mainstream Group
Holdings Limited (ASX: MAI, "Mainstream") to provide for an
acquisition by SS&C of 100% of the shares and outstanding
equity rights in Mainstream for A$2.61 per security pursuant to a scheme of
arrangement. In the absence of a superior proposal, and
subject to the independent expert concluding that the revised
scheme is in the best interests of Mainstream shareholders, being
customary carve-outs, the board of directors of Mainstream intends
to support the revised scheme of arrangement on that basis.
Terms of the proposed acquisition imply an enterprise value for
Mainstream of approximately A$384
million or approximately US$296
million (including transaction costs and net debt). The
purchase will be subject to customary conditions, including
approval by Mainstream shareholders, the relevant Australian court
and certain regulatory approvals, and is expected to close in the
third quarter of 2021.
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.
Mainstream is being advised by Miles Advisory Partners as
financial adviser and Maddocks as legal adviser.
SS&C is being advised by Citi as financial adviser and
Gilbert + Tobin as legal adviser.
About Mainstream Group Holdings
Mainstream Group
Holdings Limited (ASX: MAI) provides fund and superannuation
administration services underpinned by investment in people,
processes and technology. As at March
2021, Mainstream provides administration services to 1,364
funds and more than 176,000 investors with funds under
administration of AUD $272 billion.
Mainstream employs 330 people, with operations in Australia, Singapore, Hong
Kong, the United States,
the Isle of Man, Malta,
Ireland and the Cayman Islands. For more information, please
visit: https://www.mainstreamgroup.com.
About SS&C Technologies
SS&C is a global
provider of services and software for the financial services and
healthcare industries. Founded in 1986, SS&C is headquartered
in Windsor, Connecticut, and has
offices around the world. Some 18,000 financial services and
healthcare organizations, from the world's largest companies to
small and mid-market firms, rely on SS&C for expertise, scale,
and technology.
Additional information about SS&C (Nasdaq:SSNC) is available
at www.ssctech.com.
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SOURCE SS&C