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(Sharecast News) - Gresham Technologies said on Tuesday that it has agreed to be bought by Alliance Bidco - a company owned indirectly by funds managed or advised by US private equity firm STG Partners - in a £146.7m deal.
Under the terms of the acquisition, Gresham shareholders will be entitled to receive 163p per share in cash. This is a premium of around 26.9% to the closing share price on Monday.
STG will combine Gresham with its portfolio company, Alveo, which was acquired in January last year with the aim of building "a global and differentiated" enterprise data management and governance platform for the capital markets tech ecosystem.
Gresham chairman Richard Last said: "We believe the cash offer provides a good opportunity for Gresham shareholders to realise fair and certain value and an exciting way for Gresham to compete more effectively in its global markets and to continue the Clareti journey started over a decade ago."
Marc Bala, managing director at STG and a director of Bidco, said: "We couldn't be more excited about bringing together two leading financial technology providers and leveraging the respective strengths of each company to drive greater value for our combined customers.
"By combining Gresham with Alveo we will create a capital markets data management specialist that offers clients greater scale and a range of solutions to facilitate their business processes. We look forward to welcoming Gresham to the STG family."
At 0900 BST, the shares were up 25% at 161.80p.