In a significant Franco-American deal, Misys Plc is to pay up to 36.6m British pounds for Summit Systems Inc and Finance Information et Technologie SA, which has about 31.6% of Summit, and also holds the other 40% in Misys’s Quotient France SA unit, which sells New York-based Summit’s financial derivatives trading software package. On top of the 36.6m pounds, Misys plans to make incentive compensation payments up to a maximum of 11.2m pounds to key Summit and Quotient employees upon satisfaction of pre-set conditions. It will also pay about 363,000 pounds of transaction costs. All the cash will come from existing resources and a new banking facility. The market liked the deal, adding 7.5 pence to Misys at 1087.5p.
