MCB Capital Markets advises SANNE on the US$127.3 million acquisition of International Financial Services and IFS Trustees
(Thomson Reuters ONE) -
In a regulatory news announcement this morning (GMT), SANNE said that it had
entered into an agreement to acquire the entire share capital of IFS
PORT LOUIS, Mauritius, Nov. 30, 2016 (GLOBE NEWSWIRE) -- MCB Capital Markets
(www.MCBcm.com), the investment banking arm of MCB Group (www.MCBgroup.com), the
largest banking group in Mauritius, is acting as Transaction Advisor to SANNE
Group plc ("SANNE") (www.SANNEgroupplc.com), on the US$127.3 million acquisition
of International Financial Services and IFS Trustees (IFS), a leading Mauritius-
based provider of fund and corporate administration services to corporates and
alternative asset managers.
Photos are available here: http://APO.af/MCBCM
SANNE is a specialist global provider of outsourced corporate, fund and private
client administration, reporting and fiduciary services, based in Jersey. The
company was established in 1988 and is listed on the Main Market of the London
Stock Exchange with a market capitalisation of approximately US$700 million.
In a regulatory news announcement this morning (GMT), SANNE said that it had
entered into an agreement to acquire the entire share capital of IFS. The
consideration will be settled in a mixture of cash, financed from the proceeds
of a capital raising, and SANNE shares. The acquisition is expected to be
immediately earnings enhancing and is conditional upon receiving, among other
things, SANNE shareholder approval and certain regulatory clearances. The
transaction is expected to complete in early January 2017.
IFS was established in 1993 by Couldip Lala and Dev Joory, two pioneers of the
Mauritian offshore management industry, who grew the business to become one of
the largest in the sector. IFS employs 260 employees in Mauritius, provides
services to over 1,000 entities and administers assets in excess of US$87
billion.
Dean Godwin, Chief Executive Officer of SANNE Group plc, commented:
"This acquisition enables SANNE to further realise its ambition of building a
leading global business. IFS is highly profitable, with a service offering and
client base extremely complementary to SANNE's. Mauritius is one of the leading
international financial centres for foreign investment into Africa and India and
this transaction provides us with a significant platform to both support clients
in these attractive regions and grow our emerging markets presence. I am
delighted to welcome the IFS team to the Group and we are excited about the
opportunities to come."
Couldip Lala, Founder Director of IFS commented:
"We are very excited to be joining SANNE and be part of a leading global
organisation recognised for its high quality client services. This blends with
our strategy of geographical, product and services diversification. Our
professional staff will benefit from knowledge-sharing across jurisdictions and
strive to build expertise in different products and services. Our clients will
continue to be provided with services they have become accustomed to and can now
take advantage of SANNE's range of institutionally-focused fund and corporate
administration and reporting services available in other jurisdictions as well."
Rony Lam, Chief Executive Officer of MCB Capital Markets, commented:
"We are proud to be acting as Transaction Advisor to a large UK listed company
on such a major strategic move. I believe it is the first time that a Mauritian
investment bank has orchestrated and successfully executed a cross-border
inbound M&A transaction of this size and complexity. This reinforces our
position to advise sophisticated clients who wish to start or grow their
operations in Africa."
Carey Olsen (Jersey) acted as Legal Advisor and PWC (London) provided due
diligence advice to SANNE. Investec Bank plc acted as Sponsor, Financial
Adviser, Bookrunner and Broker.
More information: http://APO.af/PvfVWW
Distributed by APO on behalf of The Mauritius Commercial Bank Ltd (MCB).
Contact:
Ryan COOPAMAH
Head of Communication
Communication SBU
Direct line: +230 202 5439
E-mail: ryan.coopamah(at)mcb.mu
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Mauritius Commercial Bank via GlobeNewswire
Datum: 30.11.2016 - 15:09 Uhr
Sprache: Deutsch
News-ID 510049
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Kategorie:
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