Buyout firm Apax favorite to win Finastra unit in $2 billion deal, sources say
LONDON :Private equity firm Apax Partners has emerged as the frontrunner to buy Finastra's treasury and capital markets (TCM) business for around $2 billion including debt, people familiar with the matter said on Friday.
London-based Apax has been competing in an auction that the financial technology company's majority owner, fellow buyout firm Vista Equity Partners, has held for the unit in recent months, the sources said.
Final bids were submitted in recent days and Apax is now considered the favorite to buy the unit, said the sources, who noted an agreement could be reached in the coming days, once negotiations and the financing are settled.
No agreement with Apax was guaranteed though and another party could ultimately emerge as the winner, cautioned the people, who spoke on condition of anonymity to discuss private deliberations.
Apax and Vista declined comment. Finastra did not respond to a comment request.
London-based Finastra was created in 2017 by Vista, which took Canadian payments technology provider D+H Corp private in a C$4.8 billion ($3.5 billion) deal and then merged it with Misys, a banking and capital markets software business that it already owned.
The TCM unit provides software which helps financial institutions process trades and manage risk and compliance.
Dealmaking activity has generally slowed in recent weeks as market volatility caused by U.S. President Donald Trump's trade war has made company executives more cautious. It is also harder for buyers and sellers to agree how assets are valued in such a turbulent environment.
Where mergers and acquisitions have endured though is in businesses which are less affected by tariffs, such as financial software.
Last month, buyout firm KKR struck a $3.1 billion agreement with S&P Global and CME Group to acquire OSTTRA, which provides software to handle post-trading tasks.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
2 hours ago
- Business Times
US-China trade talks in London hang over markets
[LONDON] US-China trade talks in London held markets' attention on Monday (Jun 9), with Asian stocks rising, Wall Street mixed and Europe dipping. The London negotiations, following on from a first round in Geneva last month, aim to quell renewed tariff tensions between Washington and Beijing. New York's Dow and S&P 500 indices were lower, while the tech-heavy Nasdaq rose slightly in early trading. Asian shares closed up on hopes of a deal, and catching up with Wall Street from Friday, when US jobs data suggested the American economy was doing well, for now. The US dollar, however, was largely unmoved, with persistent fears of higher US inflation in the pipeline from Trump's generalised tariffs weighing on it. London, Paris and Frankfurt indices were all lower. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up While the US economy was showing resilience, official data on Monday showed China's exports to the US last month grew at a slower pace than expected, even as they picked up to the EU and Asia. The US-China talks took place following a call between US President Donald Trump and Chinese President Xi Jinping last Thursday. They sought a de-escalation after each had accused the other of violating terms of a tariffs reprieve struck in Geneva in mid-May. The US side in London on Monday was being led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, while Vice Premier He Lifeng headed the Chinese team. Their meeting was helped by news that Beijing on Saturday approved some applications for rare-earth exports, while US aviation giant Boeing is to start sending commercial jets to China for the first time since April. Easing China's export controls on rare-earths was key for Washington, 'while China wants the US to rethink immigration curbs on students, restrictions on access to advanced technology including microchips, and to make it easier for Chinese tech providers to access US consumers,' said Kathleen Brooks, research director at XTB. 'The outcome of these discussions will be crucial for market sentiment,' she said. The US dollar's weakness came as economists warned that Trump's tariffs on most of the world could reignite inflation, and as the US Federal Reserve weighs whether to lower interest rates. 'The May minutes and recent comments by several (policy board) members... suggest the Fed is highly attentive to the risk that tariffs will lead to a persistent inflation shock,' wrote analysts at Bank of America. In corporate news, entertainment giant Warner Bros Discovery announced plans to split into two publicly traded companies, sending its share price higher by more than 9 per cent. One would be a Streaming and Studios company covering film and TV production and catalogues, and the other a Global Network company with television brands including CNN and Discovery, and free-to-air channels in Europe. US semiconductor maker Qualcomm also announced it was buying a UK firm, Alphawave, for US$2.4 billion as demand for database infrastructure heated up from demand in the AI sector. Alphawave shares in London jumped more than 22 per cent on the news. Qualcomm's shares rose three per cent in New York. AFP
CNA
2 hours ago
- CNA
US-China trade talks in London hang over markets
LONDON: United States-China trade talks in London held markets' attention on Monday (Jun 9), with Asian stocks rising, Wall Street mixed and Europe dipping. The London negotiations, following on from a first round in Geneva last month, aim to quell renewed tariff tensions between Washington and Beijing. New York's Dow and S&P 500 indices were lower, while the tech-heavy Nasdaq rose slightly in early trading. Asian shares closed up on hopes of a deal, and catching up with Wall Street from Friday, when US jobs data suggested the American economy was doing well, for now. The dollar, however, was largely unmoved, with persistent fears of higher US inflation in the pipeline from Trump's generalised tariffs weighing on it. London, Paris and Frankfurt indices were all lower. While the US economy was showing resilience, official data on Monday showed China's exports to the US last month grew at a slower pace than expected, even as they picked up to the European Union and Asia. The US-China talks took place following a call between US President Donald Trump and Chinese President Xi Jinping last Thursday. They sought a de-escalation after each had accused the other of violating the terms of a tariffs reprieve struck in Geneva in mid-May. The US side in London on Monday was led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer, while Vice Premier He Lifeng headed the Chinese team. Their meeting was helped by news that Beijing on Saturday approved some applications for rare-earth exports, while US aviation giant Boeing is to start sending commercial jets to China for the first time since April. Easing China's export controls on rare-earths was key for Washington, "while China wants the US to rethink immigration curbs on students, restrictions on access to advanced technology, including microchips, and to make it easier for Chinese tech providers to access US consumers", said Kathleen Brooks, research director at XTB. "The outcome of these discussions will be crucial for market sentiment," she said. The dollar's weakness came as economists warned that Trump's tariffs on most of the world could reignite inflation, and as the US Federal Reserve weighs whether to lower interest rates. "The May minutes and recent comments by several (policy board) members ... suggest the Fed is highly attentive to the risk that tariffs will lead to a persistent inflation shock," wrote analysts at Bank of America. In corporate news, entertainment giant Warner Bros Discovery announced plans to split into two publicly traded companies, sending its share price higher by more than 9 per cent. One would be a Streaming and Studios company covering film and TV production and catalogues, and the other a Global Network company with television brands including CNN and Discovery, and free-to-air channels in Europe. US semiconductor maker Qualcomm also announced it was buying a United Kingdom firm, Alphawave, for US$2.4 billion as demand for database infrastructure heated up from demand in the artificial intelligence sector.
Independent Singapore
2 hours ago
- Independent Singapore
Trump-Musk rift deepens, former allies now public foes
WASHINGTON, U.S.A.: Once a visible coalition, the bond between Donald Trump and Elon Musk has taken a jarring meltdown, with pressures, allegations, and political risks piling up on both sides. From allies to adversaries According to the latest Axios report, President Donald Trump made it clear in a Saturday talk that his connection and dealings with Elon Musk are over, and he is no longer interested in fixing or patching it up. 'I would assume so,' Trump stated when questioned if the relationship had been terminated. 'I think it's a shame that he's so depressed and so heartbroken,' he further said in a scathing comment about the tech magnate. Formerly known as an ally of the Trump administration and a supporter of the president's undertakings, Musk has changed course recently, vigorously lobbying against Trump's vital statutory initiatives—a comprehensive tax-and-spend proposal Musk has dubbed a 'disgusting abomination.' The Tesla and SpaceX CEO's headline-making disapproval of the bill impelled Trump to tag him as 'disrespectful to the office of the President.' See also The world's eyes are on Singapore's COVID endgame A warning over political funding In an aggravation that could have bigger and wider-ranging political costs, Trump delivered an indirect threat—Musk would be grappling with unlimited 'serious consequences' if he were to finance Democratic contenders fighting Republicans who back up Trump's purported 'big, beautiful bill.' The statement comes amid escalating pressures over Musk's unfolding political clout and its impact. While he contributed more than US$290 million to Republicans in the 2024 election cycle, Musk has just announced a withdrawal from political spending. Speaker of the House Mike Johnson (R-La.) interjected during ABC's This Week , warning that it would be a 'big mistake' for Musk to hit back against Republicans supporting Trump's regulation. Personal jabs and policy threats As the fight continues to unravel publicly, both men have taken personal jabs at each other. In a recent Oval Office attendance with German Chancellor Friedrich Merz, Trump said he was 'very disappointed' in Musk, asserting that the tycoon had exhaustive information and familiarity with the bill he now disapproves. In response, Musk live-posted refutations on X, even going so far as to infer that Trump was mentioned in the Jeffrey Epstein documents—a post that has since been removed. Trump canned the accusation, labelling it 'old news.' See also Reform Party chief accuses WP of conspiring with PAP The grudge has also morphed into policy ultimatums. Trump dispatched on Truth Social that the 'easiest way' to expurgate federal expenditure would be to abolish government agreements and appropriations tied to Musk's businesses. Asked by NBC if he was sincere, Trump stated he could do it but had not 'given it any thought.' For the time being, what started as a political difference has escalated into an absolute power struggle between two of the most dominant figures in conservative circles—one that could shape and define the narrative heading into November.
