On April 5, 2000 Toronto-based Solect Technology Group Inc. (Solect), a leading provider of IP customer care and billing software, completed its successful business combination with Amdocs Limited, a leader in customer care, billing and order management solutions for the communications industry. The transaction establishes the combined entity as an industry front-runner in providing business systems solutions for communications and Internet service providers and covers all wireline, IP and convergence services.
As a result of the transaction, holders of common shares of Solect received exchangeable shares of Solect which, upon exchange, entitle the holders thereof to receive ordinary shares of Amdocs and Solect became a subsidiary of Amdocs. Based on the trading price of Amdocs ordinary shares on the New York Stock Exchange, the transaction has been valued in excess of approximately US$1.1 billion.
Fasken Martineau DuMoulin LLP in Toronto acted for Solect on the deal. The Faskens team, working with Solect’s CEO Paul Atkinson, CFO John Coady and General Counsel Hugh Hamilton, was quarterbacked by Connie Sugiyama and included Ralph Glass of Fasken’s New York office and John Fitzgerald, Jeff Larsen and Robert Spiegel of the Toronto office. Elizabeth Johnson and Alex Pankratz of Faskens provided tax advice, Christopher Morgan and Sally Thurston of Skadden, Arps, Slate, Meagher & Flom LLP provided US legal advice and Paul Smith of Stewart McKelvey Stirling Scales advised with respect to the laws of New Brunswick. Jim Head and Morgan Hanlon of Morgan Stanley Dean Witter’s technology group, acted as investment advisors to Solect. Amdocs was advised by David Matlow, Neil Sternthal, Kari Mackay and Mitchell Sherman of Goodman Phillips & Vineberg’s Toronto office and by Bob Schwed, Jonathan Cramer, Morri Weinberg, Greg Salathé and Tracy Schneider of New York firm, Reboul, MacMurray, Hewitt, Maynard & Kristol.