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Sanne Buys US-Based FLSV Fund Administration For GBP50.7 Million (ALLISS)

LONDON (Alliance News) - Financial administration outsourcer Sanne Group PLC said Monday it has ...

Alliance News 3 October, 2016 | 8:10AM
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LONDON (Alliance News) - Financial administration outsourcer Sanne Group PLC said Monday it has agreed to acquire FLSV Fund Administration Services LLC for GBP50.7 million.

Sanne will acquire New-York based FLSV for an initial consideration of GBP40.6 million, 75% in cash and 25% in new Sanne shares, with a deferred consideration of GBP10.1 million to be settled in the same proportion in equal instalments over four years.

To finance the buy, Sanne has secured a GBP60.0 million, five-year banking facility with HSBC, with an additional GBP40.0 million accordion facility to refinance its existing arrangements and provide future funding capacity.

Dean Godwin, Chief Executive Officer of SANNE said: "This is a significant milestone for SANNE, delivering a platform of quality and scale in the attractive North American market. The US market offers considerable opportunities, particularly in the fast growing alternatives sector, and we look forward to working together to deliver the next phase of growth."

Shares in SANNE were up 4.1% at 475.40 pence early Monday.

By Adam Clark; adamclark@alliancenews.com

Copyright 2016 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Sanne Group PLC 543.00 GBX -1.27 -

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