Temenos wins regulatory approval for Fidessa takeover

The UK’s FCA and antitrust authorities in the US have approved Temenos’ acquisition of Fidessa.

Temenos has gained approval of its £1.4 billion bid to acquire technology vendor Fidessa from regulatory authorities in the UK and the US.

The UK’s financial Conduct Authority (FCA) approved the acquisition unconditionally, and Temenos received early termination of its waiting period for a US antitrust review.

Temenos made its offer to Fidessa in February, although SS&C Technologies and ION Investment Group made higher bids for the firm earlier this month throwing doubt on the completion of the deal.

The regulatory approval puts Temenos one step closer to acquiring Fidessa, whilst other bidders have been handed a final deadline of 20 April by the UK Takeover Panel to confirm intentions of a bid for the firm.

Fidessa is set to hold its Scheme Court Meeting and General Meeting to approve the acquisition on 27 April after adjourning it following the counterbids.

Temenos executive chairman, Andreas Andreades, commented at the time of its initial offer that the current vendor landscape is fragmented and dominated by legacy technology, meaning the combination of both parties would create huge opportunities.

Should it be successful, the acquisition is excepted to yield significant benefits for Temenos through cross-selling opportunities, with roughly $60 million of cost synergies targeted within three years of the deal completing.