Gilbert + Tobin is pleased to have advised ASX listed fintech company, Rubik Financial Limited (Rubik), on its $70 million scheme of arrangement with Temenos Group AG (Temenos). 

Gilbert + Tobin advised Rubik on the scheme of arrangement that closed today, under which Temenos, through its indirectly wholly owned subsidiary, Temenos Solutions Australia Pty Ltd, acquired 100% of the shares on issue in Rubik for total cash payments in excess of $70 million.

The scheme of arrangement was overwhelmingly supported with 97.72% of the votes cast by Rubik shareholders in favour of the transaction.

Rubik is a leading Australian fintech company that delivers innovative banking, financial services and collections software solutions.  Rubik’s clients are Australia’s leading financial institutions, including all four major Australian banks and a growing list of international financial institutions across Asia and the Middle East.

Listed on the Swiss Stock Exchange, Temenos is the market leading provider of mission critical software to financial institutions globally, with more than 2,000 customers in over 150 countries.  Headquartered in Geneva, Switzerland, Temenos’ clients include 38 of the top 50 banking institutions in the world.

Gilbert + Tobin partner Adam Laura said Gilbert + Tobin was pleased to have advised on this significant transaction for Rubik’s shareholders.

“It’s rewarding to see the rapid growth of Rubik crystallised through a deal with an institution of the scale and reputation of Temenos.  It has been a pleasure to be involved in a transaction of such significant importance for Rubik shareholders.”

Corporate Advisory partner Adam Laura led the team, supported by Corporate Partner Tim Gordon and Litigation partner Crispian Lynch, as well as lawyers Lucy Hall, James Campisi, Josh Ehrenfeld and Alice Pailthorpe.

Gilbert + Tobin’s market-leading M&A team has advised on many of Australia’s largest and most innovative recent M&A transactions, including Cover-more on the Scheme of Arrangement with Zurich, SAI Global on the scheme of arrangement with Baring Asia, Qube on the acquisition of Asciano, APN Outdoors on the merger with oOh!media and Spotless on the defense of Downer EDI’s takeover bid.

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