Vista to buy Misys for £1.27bn

Vista has agreed to pay 350p per share, a 6% premium to Misys's closing share price on Friday. The Misys management team has recommended the offer to shareholders.

Acceptance of Vista's offer sees off rivals CVC and ValueAct Capital Partners, Misy's largest shareholder, who also participated in the bidding war.

Vista plans to merge Misys with treasury and capital markets software provider Turaz, formerly owned by Thomson Reuters.

The investment will be made through the vehicle Magic Bidco Group.

Debt
Vista is currently raising debt from Bank of America, Jefferies and Credit Suisse.

Company
Founded in 1979 by Kevin Lomax as a computer systems supplier to UK insurance brokers, Misys sells software to banking and investment businesses. The company recently announced a 12% fall in revenue to around £750m for the three months ending on 29th February compared with the same period a year earlier.

People
Robert Smith is chief executive of Vista.

Advisers
Equity - Goldman Sachs (Financial due diligence)
Company - J.P. Morgan Cazenove (Corporate finance); Barclays (Corporate finance).

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