Edinburgh-headquartered FNZ has agreed to buy 100% of the shares in wealth tech provider GBST Holdings after the two entered into a binding scheme implementation deed.
GBST shareholders will receive a total cash consideration of A$3.85 (£2.17, $2.66, €2.39) per GBST share, which values the deal at approximately A$269m.
Founded in 1983, GBST operates in Asia, Europe and North America.
FNZ group chief executive Adrian Durham said: “GBST has well established products, talented employees and deep relationships with major financial institutions in Australia and internationally.
“We look forward to working with the company to expand its product and service offering in both wealth management and capital markets, aligned with our global mission of improving investment and retirement outcomes for all people.”
The deal is expected to complete in November 2019.
Scheme details
The deal remains subject to regulatory approvals but the scheme is not subject to a due diligence or financing conditions.
Under the scheme implementation deed, GBST will be bound by customary exclusivity provisions including “no shop”, “no talk”, “notification” and “matching” obligations.
The “no talk” restriction is subject to a customary fiduciary carve-out.
The exclusivity provisions are subject to certain existing contractual obligations of GBST.
Global presence
Recently, FNZ acquired UK-based wealth management software provider JHC Systems (JHC).
London-headquartered JHC serves a number of the UK and Ireland wealth firms and platforms; including AJ Bell, Alliance Trust Savings, Brooks Macdonald, Charles Stanley, Davy, FIS Platform Securities, Interactive Investor, LGT Vestra and Quilter.
