Davis Polk, Cleary and Ashurst line up on £1.4bn Swiss takeover of UK fintech firm
US duo lead on fintech acquisition as Ashurst takes Credit Suisse role
February 22, 2018 at 04:21 AM
2 minute read
Davis Polk & Wardwell, Cleary Gottlieb Steen & Hamilton and Ashurst have all taken roles on the £1.4bn purchase of UK fintech group Fidessa by Swiss banking software company Temenos.
Davis Polk is acting for Temenos with a team led by City corporate partner Will Pearce and London finance partner Nick Benham.
Pearce previously advised the Geneva-based company on its takeover of London-based software provider Financial Objects in 2008, its aborted merger discussions with London-headquartered rival Misys in 2012, and, alongside Benham, its €235m acquisition of Luxembourg-based fund administration business Multifonds in 2015.
Pearce joined Davis Polk in 2013 from Herbert Smith Freehills, while Benham joined the US firm a year later from Ashurst.
Cleary, meanwhile, is advising Fidessa with a team led by City M&A partner Simon Jay. Fidessa, which was founded in 1981, makes software that supports financial institutions in dealing in equities and other instruments.
Fidessa's legal function is led by group general counsel Jonathan Waltho, who joined from security software company Sophos in 2013.
Ashurst is advising Credit Suisse as lender to Temenos, with banking partner Tim Rennie leading the firm's efforts.
Both Rennie and Pearce placed highly in a 2017 ranking of the most prolific advisers by value on takeovers of UK companies during the year.
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