U.K. financial services vendor Misys has agreed to a $1.27 billion all-cash deal to be acquired by Magic Bidco, an investment vehicle of San Francisco-based private equity firm Vista Equity Partners.
Vista made an initial offer to acquire London-based Misys in February, which was shortly followed by a joint bid from CVC Capital Partners and ValueAct Capital, currently the largest shareholder in Misys.
In a joint statement reacting to the Vista news, CVC and ValuAct said the two companies would continue to evaluate their options with respect to Misys, including a possible recommended joint cash offer for the company," and urged Misys shareholders to take no action at this time.
Misys had also been in talks with Swiss core banking provider Temenos on a possible merger, but those plans were scrapped last week when Temenos backed out of the merger negotiations.
Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio