D+H Completes Fundtech Acquisition
Canadian financial technology group D+H said that it has completed its
US$1.25bn acquisition of US peer Fundtech
, which was announced at the end of March.
“The enthusiastic support we have received from both D+H and Fundtech clients since we announced the transaction reflects the clear value creation potential of this acquisition,” said D+H chief executive officer (CEO) Gerrard Schmid.
“We look forward to leveraging our comprehensive portfolio of innovative technology solutions to meet the broader needs of our combined client base as we deliver an even stronger value proposition and focus on growing our presence on a global scale.”
The all-cash acquisition of Fundtech was funded, in part, by way of a bought deal prospectus offering of subscription receipts and 5.0% extendible convertible unsecured subordinated debentures.
Total gross proceeds, including those from the exercise of the over-allotment options in full, came to around US$950.1m. The balance of the US$1.25bn acquisition was funded from borrowings under D+H’s credit facilities.