Australian fintech company GBST to be acquired for AU$269mn

Australian company GBST has entered into a binding agreement to be acquired by UK fellow fintech company FNZ.

FNZ is to acquire 100% of GBST’s shares for a price of AU$3.85 each, which values the company at AU$269mn.

“We are pleased to have now entered into a binding agreement for FNZ to acquire GBST at $3.85 per share on terms acceptable to the board,” said GBST chairman Allan Brackin. “FNZ’s offer represents a significant premium and provides a high degree of certainty of value for our shareholders through the cash offer and limited conditionality.”

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GBST’s board has unanimously recommended that shareholders vote for the deal in a meeting expected to be held in October, with the deal implemented in November assuming the timetable is kept.

“We are pleased to have reached an agreement with the GBST Board that will deliver a great outcome for their shareholders,” said FNZ Managing Director Adrian Durham. “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.”