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Sanne Closes Acquisition of Luxembourg Investment Solutions, Compliance Partners
Tuesday 13 February 2018

13 February 2018 - Jersey-based outsourced corporate and fund administration services provider Sanne Group plc (LSE: SNN) has closed the acquisition of Luxembourg-based fund services provider Luxembourg Investment Solutions S.A. and corporate services provider Compliance Partners S.A., the company said.

LIS is a third party alternative investment fund manager with assets under administration in excess of EUR 8.3bn

LIS is authorised to deliver management company services to both alternative investment funds and open ended mutual funds (UCITS) within the EU.

CP provides primarily unregulated corporate services to its clients

Initial acquisition value payable of circa EUR 55m (USD 64.58m), which is split approximately 36% in new SANNE shares and the balance in cash.

Additionally, an earn-out payment is expected to be made in 2019, based on performance of the Acquired Companies in the year ended 31 December 2018.

The deal strengthens the group's presence in Luxembourg, a globally significant market for Alternative Assets, to a combined team of more than 100 people.

It nhances Sanne's ability to provide a full service offering to its global institutional client base.

The acquisition is expected to be immediately earnings enhancing. It is onditional upon certain regulatory clearances and is expected to complete in 1Q18.

The acquired companies together employ more than 70 people. The principal managers and shareholders of the businesses, Dr Thomas Goergen, Pierre Weimerskirch and Daniel Kranz, will remain with the Group post completion.

This acquisition will provide Sanne with a leading platform in Luxembourg, a globally significant market, from which to broaden its services to existing alternatives clients and improve Sanne's competitive positioning in attracting new clients, the firm said.

The acquisition follows Sanne's recently granted licence by the Central Bank of Ireland to provide services from its Dublin operation, further strengthening the Group's ability to provide integrated fund administration, depositary and AIFM services to its global alternatives clients.
Details
Date Published: 13/02/2018
Target: Luxembourg Investment Solutions, Compliance Partners S.A.,
Country: Luxembourg
Deal Size: 64.58m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Cash and Stock
Status: Closed
Vendor:
Buyer: Sanne Group
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