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Pricing in Florida might be ticking higher as the state's economy booms, but some banks are still feeling the effects of the last downturn. Those banks are perhaps perfect candidates for acquirers looking to tap into the recovery.
March 30 -
The $20 billion-asset Wintrust will pay $17 million in cash for the $108 million-asset North Bank, which serves Chicago's River North and Streeterville neighborhoods.
March 30 -
Santander Innoventures Fund says it has earmarked $5 million to Israel-based mobile payment and loyalty provider MyCheck as its first investment.
March 30
D+H in Toronto has agreed to buy the global payments solutions firm Fundtech.
D+H will pay $1.25 billion in cash for Fundtech, which is based in New York. The acquisition feeds into D+H's long-term growth strategy and previous deals, including its 2013 purchase of Harland Financial. D+H and Fundtech have a combined 8,000 clients.
D+H will buy Fundtech from the Chicago private-equity firm GCTR, which bought the payments company in 2011. Fundtech has 1,500 employees and 19 offices.
The acquisition "will allow D+H to further strengthen our value proposition with relevant technology solutions that appeal to our existing clients and provide us with access to new markets and geographies," D+H Chief Executive Gerrard Schmid said in a press release Monday. The combined company "will have global scale, a comprehensive portfolio of innovative technology solutions and capabilities to continue to execute on D+H's transformation as a global FinTech player."
The deal also expands D+H's reach in Europe, Africa, Asia and the Pacific region. Following the acquisition expected to close later this year D+H will have pro forma adjusted 2014 revenues of $1.3 billion.
Additionally, D+H will gain Fundtech's software platform and offerings such as global and domestic payments solutions, financial messaging and merchant services. D+H said those products will complement its existing lending, payments and integrated core platforms.
To fund the deal, D+H plans to raise more than $650 million by selling subscription receipts and issuing convertible debt. D+H also received a commitment letter from the Bank of Nova Scotia, Royal Bank of Canada and Canadian Imperial Bank of Commerce for secured credit facilities of nearly $593 million.