17 February 2017

KWM advises on Temenos’ proposed acquisition of fintech provider Rubik

King & Wood Mallesons (KWM) is acting for market leading banking and finance software specialist, Temenos Group AG on its proposal to acquire 100% of Rubik Financial Limited’s shares via a scheme of arrangement. 

Rubik is a leading ASX listed fintech software provider to Australia’s financial services sector, delivering innovative banking, wealth management and mortgage broking solutions. Rubik operates primarily in Australia, and also internationally across Asia and the Middle East. Temenos will acquire Rubik for a cash consideration of A$0.1667 per share, valuing Rubik’s equity at approximately A$68 million (US$50 million) on a fully diluted basis.

The KWM team was led by partners Ros Anderson and Lee Horan, along with Special Counsel Andrew Phillipson. Partner Patrick Gunning and Senior Associate Nick Sinclair (TMET) and Partner Elizabeth Hundt Russell and Senior Associate Will Stawell (Leveraged Finance) also supported the transaction. 

Commenting on the scheme, Ros Anderson said; “We are delighted to support Temenos on this strategic acquisition.  Temenos has a longstanding partnership with Rubik and the acquisition will create a market leader with capabilities to capitalise on growth opportunities in the Australian market, by leveraging Temenos’ global expertise and world class solutions.”

The scheme is subject to Rubik shareholder and court approval, and the acquisition is expected to close by the end of May 2017 – with Rubik Directors having unanimously recommend Rubik’s shareholders vote in favour of the scheme of arrangement. 

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