Fintech firm Misys to merge with Canada's DH Corp

Toronto-based DH Corp. will be acquired by a Texas-based investment firm under a friendly takeover deal worth $25.50 per share — or more than $2.5 billion

Toronto-based DH Corp. will be acquired by a Texas-based investment firm under a friendly takeover deal worth $25.50 per share — or more than $2.5 billion

Vista Equity Partners struck a deal to buy DH and intends to combine it with Misys to create a global fintech group with revenues of about £1.8 billion.

The U.S. investment firm intends to combine DH with a company from its portfolio, Misys, a United Kingdom -based financial services software provider.

Vista offered CA$25.50 in cash for each D+H Corp share, an 11 per cent premium to the stock's Friday closing price.

The deal brings the total value of private equity transactions involving Canadian targets this year to about $3.5 billion, slightly above the $3.1 billion announced during the same period in 2016, according to data compiled by Bloomberg.

DH said in December that it had received expressions of interest from unidentified parties.

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Had the IPO gone ahead, it would have been the first opportunity to invest in Misys since it was delisted from the FTSE 250 in 2012, when United States private equity group Vista Equity Partners bought the business for £1.27bn.

Formerly Davis + Henderson Corp, DH has transformed itself from a check printing company into a provider of payment and lending services.

DH Corp, which acquired payments outfit Fundtech in 2015, now claims 8000 clients in 70 countries generating $1.5 billion+ in annual revenues. It is expected to close prior to the end of the third quarter of 2017. A report last week in The Financial Times said that Misys was exploring a potential IPO in NY.

"By coming together, we have the opportunity to create a global FinTech leader, positioning us to lead the corporate banking software space, accelerate our cloud-based offerings, and expand our footprint in North America".

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