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.”

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.

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Source: Australian fintech company GBST to be acquired for AU$269mn | Leadership | Business Chief Australia