Vistra secures Australian Foreign Investment Review Board approval for acquisition of Mainstream
“We are delighted to have received FIRB approval, which satisfies an important condition of the Scheme Implementation Deed. We are already regulated in all the key jurisdictions where Mainstream operates and are well progressed with seeking the necessary approvals,” said Jonathon Clifton, Regional Managing Director, Asia-Pacific, Vistra.
“Vista and Mainstream are a good strategic and geographic fit. The acquisition would help us grow our alternative investment business and add significant scale to our fund services offering.”
“We are confident that our offer, which represents an EBIDA multiple of 17.4x on 2021E earnings, comparing favourably with peers, is compelling and will provide certainty to Mainstream shareholders.”
Vistra entered into a Scheme Implementation Deed with Mainstream on 9 March 2021, under which Vistra will acquire 100% of the shares in Mainstream at $1.20 per security by way of a board recommended scheme of arrangement.
The Scheme has no finance conditions and Vistra’s obligations under the Scheme will be fully funded by existing internal cash reserves and undrawn finance facilities.
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