[More on the Carlyle Group]
Financial-services software company SS&C Technologies Inc. agreed to be acquired by Sunshine Acquisition Corp., a company affiliated with private-equity firm Carlyle Group, for about $941 million.
Under terms of the agreement, SS&C shareholders will receive $37.25 a share in cash, which represents a 15.7% premium over the average closing price of SS&C's stock for the last 30 trading days. SS&C shares rose $3.43, or 10%, to $36.43 in morning trading on the Nasdaq Stock Market.
SS&C's board and an independent committee of directors have approved the transaction and recommended to SS&C's stockholders that they adopt the agreement. The deal is expected to close in the fourth quarter.
The acquisition will be financed through a combination of equity contributed by investment funds affiliated with the Carlyle Group, based in Washington, D.C., and a debt financing by affiliates of Wachovia, JPMorgan and Bank of America.
In addition, William C. Stone, SS&C's chairman and chief executive, will contribute certain of his shares in exchange for about 28% of Sunshine Acquisition's equity. Mr. Stone has also agreed to vote in favor of the buyout. According to the latest 13-G filing in February, Mr. Stone beneficially owned about 6.3 million SS&C shares, or about 27% of shares outstanding.
In 2004, SS&C, Windsor, Conn., earned $19 million on revenue of $95.9 million. The company provides financial software and services to asset managers, banks and insurance companies.
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