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Asset Servicing

SS&C Technologies Holdings to acquire DST Systems

M&A or Merger and Acquisition text on black block

SS&C Technologies Holdings on Thursday announced it will acquire financial and health-care servicing provider DST Systems for $5.4 billion in cash.

SS&C, a financial services technologies company, will pay $84 a share for DST, which provides financial and operational technology to money management, brokerage, retirement services and health-care firms.

SS&C previously acquired DST Global Solutions, DST's investment accounting and analytics business, in 2014. William Stone, SS&C chairman and CEO, said in a news release that the acquisition of DST Systems will "build on the relationship" since DST Global Solutions was acquired.

Stephen Hooley, DST chairman, president and CEO, will be joining SS&C, though his role has not been determined, said an SS&C spokeswoman. Other details on the integration of DST into SS&C have not yet been determined, she added.

The deal is expected to close by the end of the second quarter.

Credit Suisse and Morgan Stanley (MS) were financial advisers to SS&C; Bank of America Merrill Lynch was financial adviser to DST.