Hedge funds are buying these two big tech stocks while selling two rivals
WINDSOR, Conn. - SS&C Technologies Holdings, Inc. (NASDAQ:SSNC) announced Tuesday it has completed its acquisition of Calastone from global investment firm Carlyle for approximately £766 million (US$1.03 billion), subject to certain adjustments.
The transaction was funded through a combination of debt and cash, with SS&C upsizing its Term Loan B facility by $1.05 billion at an interest rate of SOFR+200, maturing in 2031. The company expects the acquisition to be accretive over the next 12 months.
Calastone, which operates the largest global funds network, provides technology solutions to the wealth and asset management industries. Its team of 250 employees will join SS&C Global Investor & Distribution Solutions, reporting to General Manager Nick Wright.
The newly acquired company maintains offices in London, Luxembourg, Hong Kong, Taipei, Singapore, New York and Sydney, serving 4,500 clients across 58 countries and territories, and processing over £250 billion in investment value monthly.
According to the press release, Calastone's technology solutions will complement SS&C's existing offerings in fund administration, transfer agency, AI and intelligent automation. The combined organization aims to deliver a unified, real-time operating platform for fund industry participants.
"Calastone's network and technology further strengthen SS&C's leadership across global fund operations," said Bill Stone, Chairman and CEO of SS&C Technologies in the announcement.
Julien Hammerson, CEO of Calastone, stated, "Joining SS&C gives our clients and employees access to greater scale, investment, and opportunity."
SS&C was advised by Davis Polk & Wardwell LLP for the transaction.
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