The integration of two companies is expected to create a major player in the Australian financial software market
Two top firms are acting on Temenos Group's proposed acquisition of Rubik Financial via a scheme of arrangement that values Rubik’s equity at about $68mn fully diluted. The scheme will see Temenos acquire all Rubik shares for $0.1667 cash per share, representing a 52% premium to Rubik’s last unaffected closing price.
King & Wood Mallesons acted for Temenos while Gilbert + Tobin acted for Rubik.
Rubik’s board of directors has unanimously recommended the scheme to shareholders, in the absence of a superior proposal and subject to an independent review. Rubik’s three largest shareholders have backed the scheme.
The integration of the ASX-listed fintech company – which offers banking, financial services, and collections software solutions in Australia, Asia, and the Middle East – with Temenos is expected to create a major player in the Australian financial software market.
The KWM team is being led by partners Ros Anderson and Lee Horan, along with Special Counsel Andrew Phillipson. Partner Patrick Gunning and Senior Associate Nick Sinclair (TMET) and Partner Elizabeth Hundt Russell and Senior Associate Will Stawell (Leveraged Finance) are also assisting in the transaction.
The Gilbert + Tobin team is being led by corporate advisory partners Adam Laura and Tim Gordon. They are assisted by lawyer Lucy Hall.
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