Vista Equity Partners Combines DH Corporation with Misys, Creating a New Global FinTech Leader for $4.8 Billion
Goodmans LLP represented Vista Equity Partners ("Vista") in its acquisition of all of the outstanding shares of Toronto-based DH Corporation (TSX: DH) ("D+H"), a leading provider of technology solutions to financial institutions globally, by way of a plan of arrangement for $25.50 per share in cash, for a total enterprise value of approximately $4.8 billion, including the assumption of D+H’s debt.
The acquisition was consummated following overwhelming approval by D+H’s public shareholders and the receipt of regulatory approvals in Canada, the United States, Austria and South Africa.The transaction involved new debt financing to back the acquisition and refinance existing D+H and Misys debt. The financing was in the form of (i) a 1st lien credit agreement provided by Morgan Stanley Senior Funds, Inc. as Agent and (ii) a secured lien credit agreement provided by Barclays Bank PLC. All of D+H’s publicly-traded convertible debentures were redeemed in connection with the acquisition.
Vista combined D+H with its portfolio company, United Kingdom-based, Misys, a leading global software provider for retail and corporate banking, lending, treasury and capital markets, investment management and enterprise risk, creating a diversified global financial software provider operating under the new company name Finastra. Finastra is now the third largest financial services technology company in the world, with approximately 10,000 employees and over 9,000 customers across 130 countries, including 48 of the top 50 banks globally. Finastra will provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets.
Featured Work
-
Mergers and Acquisitions
Ratio.City acquired by Esri Canada
Goodmans LLP acted for Ratio.City in its acquisition by Esri Canada… -
Mergers and Acquisitions
Ace Beverage Group acquired by Corby Spirit and Wine
Goodmans LLP acted for Ace Beverage Group in the acquisition of 90% of its outstanding shares by Corby Spirit and Wine Limited for $148.5 million… -
Mergers and Acquisitions
Group led by Michael Andlauer buys Ottawa Senators
Goodmans LLP acted for an entity controlled by Michael Andlauer in its purchase of the Ottawa Senators Hockey Club from the Melnyk Estate… -
Mergers and Acquisitions
Docebo Inc. acquires Edugo.AI
Goodmans LLP acted for Docebo Inc. (“Docebo”) in its acquisition of Edugo.AI (“Edugo”), a Generative AI-based Learning Technology that uses advanced Large Language Models and algorithms to optimize… -
Mergers and Acquisitions
Sale of CampBrain to Clubessential Subsidiary Vermont Systems
Goodmans LLP acted for CampBrain, a best-in-class SaaS solution for camp management and registration, in connection with its sale to Clubessential subsidiary Vermont Systems, the leading provider of… -
Mergers and Acquisitions
Classic Fire + Life Safety expands in Western Canada
Goodmans LLP advised Classic Fire + Life Safety, a McCain Capital Partners portfolio company, in its expansion into Western Canada through the acquisitions of Legacy Fire Protection, Photon Electric…