I-flex to acquire AML vendor Mantas for $122.6m
I-flex solutions of India has signed an agreement to acquire Mantas, a US provider of anti-money laundering (AML) and compliance software, for $122 million (August 2006).
I-flex says it is selling 4.45 million shares to its majority shareholder Oracle for $125 million in order to fund the deal. The deal raises Oracle's holding in the Indian core banking firm to 55.1% from 52.5%.
As required by Indian law, Oracle will additionally make a mandatory open offer to purchase up to an additional 20% of the shares outstanding from the remaining i-flex shareholders. At Rs1475 a share, the offer values i-flex at about $2.4 billion, a 70% premium to Oracle's initial investment.
