US software buy

Wednesday 26 August 1998 23:02 BST

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LONDON BRIDGE Software is to buy US-based Mortgage Products Division from CheckFree for pounds 12.85m. The purchase will be part-financed by a pounds 7.5m placing of new shares at pounds 14 a share.

Mortgage Products provides software to mortgage lenders in the US.

This is London Bridge's second acquisition from CheckFree. In August last year it purchased the Recovery Management System division.

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