On June 27, 2011, Kramer Levin client Fundtech Ltd. announced that it agreed to an all stock merger with financial services software provider S1 Corporation. Under the terms of the transaction, S1 will issue 2.72 shares for each share of Fundtech. The companies plan to close the deal in the fourth quarter of 2011. At closing, Fundtech stockholders will own 45% of the new company. The transaction is valued at approximately $700 million.
The Kramer Levin team was led by Corporate partners Abbe L. Dienstag, Scott S. Rosenblum and Richard H. Gilden. Others in the team were Corporate associates Jeffrey Taylor, Lilias Lee, Jay Robert, Amanda Webber, Matthew A. Weiss and Antonia S. Lee; Employee Benefits special counsel Avram J. Cahn; Environmental counsel Toni L. Finger; Intellectual Property special counsel Kevin M. Moss; and Real Estate associates John Ricca, Joshua S. Winefsky and Jessica Tong.