Wealth management platform FNZ has concluded the sale of Australian financial technology provider GBST to private equity fund Anchorage Capital Partners.

Financial terms of the deal were not disclosed.

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Following the transaction, FNZ will reacquire GBST’s capital markets division for an undisclosed sum. The transaction is expected to close in the first quarter of 2022.

This deal covers GBST’s capital markets team as well as its Syn~ product suite, which provides real-time trade and settlements processing capabilities.

This move will help FNZ to expand its product and service offering to both existing and future clients. It is also expected to boost the company’s global capabilities in listed securities trading and post-trade processing.

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FNZ agreed to buy Australian peer GBST for A$269m ($185.6m) in 2019.  The deal was concluded in November last year.

However, the deal was blocked by UK’s Competition and Markets Authority (CMA) the same month following an in-depth probe.

The CMA investigation conceded that the deal could lead to competition concerns in the supply of retail platform solutions to UK investment platforms and FNZ was directed by the competition watchdog to sell the entire GBST business.

In April this year, FNZ was again directed by CMA, after a reassessment of the deal, to offload GBST but with a right to buy back GBST’s assets affiliated to its capital markets business.

Comments

FNZ Securities managing director Scott Webster said: “We’re excited that FNZ and GBST capital markets division are coming together to expand our presence in securities trading and post-trade processing.

“Capital markets continues to undergo major structural change that will require service providers to renew their systems and processes. This creates a huge opportunity to combine the complementary product strengths of FNZ and GBST’s capital market division.”

GBST CEO Rob DeDominicis said: “This is a key milestone for GBST, and we are delighted to have been acquired by Anchorage Capital Partners, which has a strong reputation of investing in organisations like ours with outstanding market potential and an enviable list of Tier 1 financial services clients.

“We are pleased to have the support of Anchorage to drive continued growth, including expansion in key existing markets such as the UK and Australia.”