Vista Equity Partners Near Agreement to Buy DH Corp

Vista Equity Partners of Austin could merge the former Davis + Henderson with Misys a U.K.-based software company focused on the global banking industry

Vista Equity Partners Near Agreement to Buy DH Corp.

NEW YORK, March 13 Elliott Management's private equity division was among the firms that provided financing to Vista Equity Partners for its $3.6 billion purchase of Canada's DH Corp, according to people familiar with the matter.

DH said in December that it had received expressions of interest from unidentified parties.

Vista will acquire all the outstanding shares of the Toronto-based chequemaker turned financial-technology firm for $25.50 per share in cash and the assumption of DH Corp.'s debt obligations, including convertible debt.

The deal will create a company with about $2.2-billion in revenue and over 9,000 customers across 130 countries, Vista said.

Evergreen's role in the DH Corp deal shows how Elliott, the $31 billion multi-strategy hedge fund, shareholder activist and distressed debt investor, is seeking to increase its role in private equity deal financing.

Vista said on Monday it would buy DH for C$4.8bn and combine it with Misys, which abandoned plans to list on the London stock market in October 2016, blaming shaky market conditions.

DH Corp, which acquired payments outfit Fundtech in 2015, now claims 8000 clients in 70 countries generating $1.5 billion+ in annual revenues.

Formerly called Davis + Henderson Corp., the company pushed to transform itself from a cheque printing company into a provider of global payments, lending and financial solutions, in part via acquisitions. It is set to close in the third quarter.

Misys chief executive Nadeem Syed said the combination of the two companies gives them the opportunity to create a "global fintech powerhouse".

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