BANKING software groups Misys and Temenos said yesterday they had agreed some of the key terms of a possible £2bn all-share merger between the peers, a deal which would see Mike Lawrie relinquish his position as chief executive of Misys.
Guy Dubois, currently chief executive of Temenos, will act as CEO of the combined group and Stephen Wilson, currently finance chief of Misys, will continue in the same role at the combined company.
Misys said in a statement that Lawrie had told the board he would be “pursuing a new opportunity”.
Misys shareholders will own approximately 53.9 per cent of the merged group, with Temenos shareholders owning the remaining 46.1 per cent.
The new company will be listed in London, with a possible secondary listing on the Swiss stock exchange, Misys said yesterday.
“It is expected that the combination will yield significant cost savings and operational synergies through scale efficiencies and cross-selling opportunities,” the groups said in a statement.
Lazard and Morgan Stanley are advising Temenos, while Barclays Capital and JP Morgan Cazenove are acting for Misys.
