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SS and C Offers to Acquire Australia Fund Administration Services Firm Mainstream.

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Vincent

MANews-(C)2009-2021

US-based SS and C Technologies Holdings, Inc. (NASDAQ: SSNC) has agreed to acquire Australia-based fund and superannuation administration services provider Mainstream Group Holdings Ltd. (ASX: MAI).

SS and C proposes to acquire 100% of the shares and outstanding equity rights in Mainstream at a price of AUD 2.00 per security pursuant to a scheme of arrangement.

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 US.

Mainstream had previously entered into a Scheme Implementation Deed with Vistra Group at a lower offer price and under that deed, Vistra has certain matching rights.

The Scheme Implementation Deed entered into by SS and C is conditional on the ultimate outcome of that matching right process. Depending on the outcome, if the acquisition by SS and C proceeds, it will be recommended by the board of directors of Mainstream.

Terms of the proposed acquisition imply an enterprise value for Mainstream of approximately AUD 296m or approximately USD 225m (including transaction costs and net debt).

If the acquisition proceeds, it will be subject to customary conditions, including approval by the shareholders of Mainstream, the relevant Australian court and...

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