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UK: FCA clears Fidessa’s ION acquisition

By  |  July 25, 2018

In a filing with the London Stock Exchange early on Wednesday, July 25, Fidessa Group confirmed that the Financial Conduct Authority (FCA) “has determined to approve the acquisition by ION Bidco of, or increase in control by ION Bidco with respect to, Fidessa plc and Fidessa Buy-Side Limited on terms reasonably satisfactory to ION Bidco.”

There are more conditions to satisfy before the deal is completed, including the receipt of antitrust clearance from the UK Competition and Markets Authority (CMA). In June this year, the CMA invited comments on the proposed deal.

Under the terms of the offer, Fidessa shareholders are entitled to receive £38.70 (US$50.99) in cash for each Fidessa Share. This values the entire issued, and yet-to-be issued, share capital of Fidessa at approximately £1.5 billion (US$1.98 billion) on the basis of a fully diluted share capital of 39,133,650 Fidessa Shares.

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