PE firm Pollen Street to acquire Finastra's core banking software unit

June 19 (Reuters) - UK-based ‌private equity ​firm ​Pollen Street Capital on Friday said that it will acquire financial software company ‌Finastra's global core banking software business Universal Banking (UB).

The ⁠firms did not disclose the terms of the deal.

Here ‌are some details:

• UB provides ‌banking services including account and deposit management, payments, lending and treasury operations to financial institutions, ​and will operate as an independent business under its existing management following the deal.

• Reuters ⁠reported in September that Finastra was exploring a sale of its ​Middle Eastern and Asian core banking unit in a transaction that could fetch more ​than $1 billion.

• Finastra last year sold ‌its Treasury and Capital Markets division to Apax Partners, using proceeds to fully repay ⁠debt and accelerate dividends, according to rating agency Fitch.

• The London-based software company was created in 2017 when U.S. ⁠private equity firm Vista Equity Partners took Canadian payments ​technology provider D+H Corp private in a C$4.8 billion ($3.5 billion) deal and merged it with banking software business Misys, which ‌Vista already owned.

• The acquisition reflects Pollen Street's strategy of investing in ‌specialist financial services and technology businesses, coming as ⁠private equity firms increasingly ‌pursue UK-based companies ​due to their relatively lower valuations.

(Reporting by Simone Lobo in Bengaluru; Editing by Kirsten ‌Donovan)

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