SS&C Technologies to get $175 million term loan for Portia purchase

By Sara Rosenberg

New York, Feb. 29 - SS&C Technologies Inc. has received a commitment for a $175 million senior secured term loan to fund its acquisition of Thomson Reuters' Portia business, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Bank of America Merrill Lynch is the lead bank on the deal.

Under the agreement, SS&C is buying the Portia business, a middle-to-back office investment operations platform, for $170 million.

Closing is expected in the second quarter, subject to regulatory approval and satisfaction of customary conditions.

SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services.

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