New York (HedgeCo.net) – SS&C Technologies Holdings, Inc., today announced the acquisition of hedge fund risk-reporting giant GlobeOp Financial Services S.A. (GlobeOp), for £4.85 ($7.54) per share, approximately £572 million ($890 million).
The acquisition is, by value, the largest in SS&C’s history and significant for the fund services industry. The combined companies, including the PORTIA business acquired by SS&C from Thomson Reuters in May 2012, had revenues of $635 million in fiscal year 2011 and 3,600 employees operating in 43 offices including New York, Boston, Chicago, London, Amsterdam, Hong Kong, Kuala Lumpur, Singapore, Sydney, Bangalore and Mumbai.
“This is an exciting day for SS&C and GlobeOp and for the clients we serve,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “We have already begun our integration and are coordinating on sales and marketing and we have significant synergies. Together, we are a global leader, with the capability to serve our clients – whatever their size, location or sector – with one of the most comprehensive and competitive technology and services portfolios in the investment management industry.”
SS&C’s offer for GlobeOp has now closed with the holders of 99.95% of the outstanding shares having accepted the offer. SS&C has initiated a “squeeze-out” procedure under Luxembourg law, pursuant to which it will acquire, on the same terms as the offer, all of the remaining shares of GlobeOp on July 9, 2012.
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