Jack Henry & Associates Inc. and Goldleaf Financial Solutions Inc. have entered into a definitive agreement for Jack Henry to acquire Goldleaf, the companies announced today.
Under the terms of the agreement, Goldleaf, a provider of integrated technology-based solutions designed to improve the performance of financial institutions, will become a wholly owned subsidiary of Jack Henry, a provider of integrated technology solutions and data processing services for financial institutions.
Goldleaf's shareholders will receive $0.98 per share in cash in exchange for their shares, representing a premium of approximately 40% over Goldleaf's closing share price on Aug. 14. In addition, Jack Henry will retire certain of Goldleaf's outstanding debt and accrued interest obligations, which is anticipated to equal approximately $42 million at closing.
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Jack Henry serves more than 8,800 customers nationwide, and Goldleaf serves more than 3,500 financial institutions worldwide.
The transaction, which is expected to be completed by the end of the third quarter or early in the fourth quarter, is subject to the approval of Goldleaf's shareholders and customary closing conditions.
Jack Henry will discuss the transaction during its upcoming fourth quarter fiscal 2009 earnings conference call on Aug. 19. Jack Henry will host a live Webcast of the conference call, which will begin at 7:45 a.m. Central Time (8:45 a.m. Eastern.) The Webcast can be accessed on the Jack Henry site at www.jackhenry.com. Please log on 10 minutes prior to the beginning of the call. An archived replay of the call will be available on the Jack Henry site approximately one hour after the live call.
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