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Temenos (SIX: TEMN), the market leading provider of core banking software, announces that it has signed an agreement to acquire Odyssey Group S.A. (Odyssey), a Luxembourg-based provider of application software for the Private banking and Wealth Management (PWM) market. The consideration, to be funded through a combination of existing cash and existing facilities, is USD81.0m (EUR62.1m), but Temenos will take on Odyssey’s existing debt obligations of approximately USD20.3m, translating into a total enterprise value of USD101.3m (EUR77.7m). Even after taking account of the acquisition, and using consensus estimates for EBITDA, the company expects to finish the year with USD130m of cash on the balance sheet and USD275m of debt, giving net debt of USD145m or USD13m excluding the convertible...
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