A FIRM supplying software to the banking industry has put a smile on shareholders’ faces by agreeing a disposal worth £900m
Shares in London-based Misys surged by 20% following the agreement to sell its 54.6% stake in US healthcare joint venture business Allscripts – and return a large slice of the proceeds to investors.
The deal paves the way for Allscripts to merge with rival Eclipsys.
While Misys will keep about 10% of the combined company, it plans to return about £692.8m of the sale proceeds to shareholders through a tender offer for their shares.
Misys, founded in 1979, employs more than 6,000 people worldwide. It serves 1,200 banking customers and more than 160,000 doctors and 700 hospitals.
Investec Securities analyst Julian Yates said the deal would enable the market to fully focus on the true value of the firm’s banking business.