Wednesday, May 08, 2013 8:34 pm
SS&C Tech says Carlyle will sell half its stake
The Associated Press
Shares of the financial services software maker are trading at all-time highs. SS&C said Carlyle Group plans to sell 7.5 million shares and will have a 9.2 percent stake in the company after the sale is complete. SS&C said it won't receive any proceeds from the sale, which is expected to close next Tuesday.
Shares of SS&C are up 50 percent since Feb. 14, when it posted better-than-expected quarterly earnings. The shares rose more than 2 percent on Wednesday to finish at $34.20, and set an all-time high of $34.44 during the day. Carlyle Group owned a majority stake in SS&C at the time of the company's initial public offering in March 2010. The IPO priced at $15 a share.
The sale will make Carlyle the second-biggest shareholder in SS&C after company founder, Chairman and CEO William Stone, according to FactSet. Stone holds a 16 percent stake in the company. Carlyle will still be the biggest institutional shareholder.
Barclays Capital Inc. and Citigroup Global Markets Inc. are acting as underwriters for the stock sale.
Shares of SS&C lost $1.40, or 4 percent, to $32.80 in aftermarket trading following the report.