Advisers set for £54m fees bonanza from SS&C’s £1.24bn swoop on British tech star Blue Prism
Bankers, lawyers and other advisers will rake in more than £54million in fees from SS&C’s £1.24billion swoop on British tech star Blue Prism.
The jam-packed payroll includes big-name investment banks such as RBC, Investec and Bank of America. Blue Prism is set to spend £28.5million in total.
Qatalyst Partners will earn almost £26million of this as Blue Prism’s sole financial adviser. And US group SS&C is setting aside £25.6million for its legal, financial, public relations and other costs.
Bankers, lawyers and other advisers will rake in more than £54m in fees from SS&C’s £1.24bn swoop on British tech star Blue Prism
SS&C won a bidding war against fellow American firm Vista to buy Warrington-based Blue Prism earlier this month.
The winning deal is priced at 1,275p per share – and will hand four of Blue Prism’s co-founders and bosses around £169million.
Blue Prism is far from a household name but is one of the biggest companies on London’s junior market and a pioneering artificial intelligence group.
Even though the board has backed the SS&C deal, the buyout still faces major hurdles.
Blue Prism’s expertise in artificial intelligence means the takeover will be scrutinised under the National Security and Investment Act, which comes into force in January and gives ministers more power to intervene in the sale of strategically important companies to foreign groups.
This type of investigation could add months of delays – and could even mean it is blocked entirely.
Chief executive and chairman Jason Kingdon is in line for £75million from the SS&C deal. Co-founder Alastair Bathgate will make £59million.