Monday Jack Henry & Associates, Inc. (JKHY), a provider of computer systems for data processing at commercial banks and financial institutions, said it agreed to acquire Norcross, Georgia-based Goldleaf Financial Solutions, Inc. (GFSI), a payment solutions provider. The deal is expected to be completed by the end of the third quarter or early in the fourth quarter.
Under the agreement terms, Goldleaf will become Jack Henry's wholly-owned subsidiary and Goldleaf's shareholders will get $0.98 per share in cash in exchange for their shares, a premium of nearly 40% over Goldleaf's closing share price on August 14, 2009.
Jack Henry & Associates expects the deal to add slightly to earnings in the first full year and improve after recognizing the full impact of expected cost synergies, stated Kevin Williams, chief executive officer of Jack Henry.
In addition to this, Jack Henry will retire certain of Goldleaf's outstanding debt and accrued interest obligations, which are expected to equal about $42 million at the closing.
Jack Henry stated that the Goldleaf board has unanimously approved the acquisition and will recommend that Goldleaf shareholders approve the merger.
In relation to the agreement, the Goldleaf board received an opinion from Raymond James & Associates, Inc., its financial advisor in connection with the merger, that the consideration to be received by the Goldleaf shareholders is fair from a financial point of view.
The technology solutions of Jack Henry serves over 8,800 customers nationwide and Goldleaf provides its strategic suite of integrated technology and payment solutions to more than 3,500 financial institutions worldwide.
JKHY is currently trading at $21.90 per share, down 0.68%, on the Nasdaq.
GFSI is currently trading at $0.96 per share on the Nasdaq.
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