Washington, DC-based firm The Carlyle Group is paying $941 million (€775 million) for SS&C Technologies, a company that makes investment and financial management software.
Carlyle is offering shareholders $37.25 per share of common stock, a premium of 15.7 percent over the average closing price this past month. The shares were trading at $36.48 mid-day Thursday, up $3.48 or 10.55 percent. The stock has traded between $15.81 and $35 over the past year.
Budd Watts, a managing director at Carlyle, said in a statement that SS&C will “continue to increase the depth and breadth of its value added software and service offerings thorough both internal development and an active acquisition program.”
Windsor, Connecticut-based SS&C makes management software for hedge funds and institutional investors, as well as products for real estate management and commercial lending. In April, SS&C acquired Financial Models Company, which produces a suite of investment management systems.
The Carlyle acquisition is expected to close during the fourth quarter of 2005 and is subject to shareholder approval.
Earlier this month, Carlyle announced the sale of the broadcast and media infrastructure company Inmedia Communications to transmission services company Arqiva in a deal valued at £68.5 million (€100 million; $120 million). Inmedia provides satellite uplinking and support services to the broadcast and carrier markets, including major UK broadcasters such as Sky.
Carlyle has around $30 billion under management.