CNP advised Silverlake Axis Ltd on acquisition of three Silverlake private entities

Deals and cases

CNP advised Silverlake Axis Ltd on acquisition of three Silverlake private entities

Tuesday 24 October 2017

Colin Ng & Partners LLP (“CNP“) is advising mainboard-listed Silverlake Axis Ltd (“SAL“), a banking software solutions provider, on its proposed acquisition of three Malaysian incorporated Silverlake private entities as part of its ongoing efforts to position itself as a fintech innovation accelerator and to enhance its current standing as the region’s leading and most successful core-banking solution provider.

The three companies – Silverlake Digital Economy, Silverlake Digitale and Silverlake One Paradigm – are each 70 percent owned by the group’s executive chairman and controlling shareholder, Mr Goh Peng Ooi. The consideration for the acquisition comprises a fixed base consideration, totaling RM 154.9 million, to be satisfied via the issue of new shares at S$0.71 per share, being a premium to the current market price, together with a variable performance-based earn-out consideration, wherein the aggregate consideration shall be capped at 25% of SAL’s market capitalisation, based on the agreed issue price.

Partner, Mr Stephen Soh, assisted by Senior Associate, Ms Ge Xiaomeng, are advising SAL in this transaction.