Sanne Group to Acquire Two Luxembourg-Based Companies for EUR55 Million
By Carlo Martuscelli
Sanne Group PLC (SNN.LN) said Friday it has agreed to acquire Luxembourg Investment Solutions SA and Compliance Partners SA for an initial payment of 55 million euros ($64.7 million).
The alternative asset-management company said 64% of the initial payment will be paid in cash and the rest in Sanne shares.
There will also be an additional earn-out payment based on the performance of the acquired companies during the year ended Dec. 31, 2018--the combined payments will be capped at EUR100 million.
Sanne said it will expand its revolving-credit facility to 44 million pounds ($59 million) from GBP14 million and will use it to pay for the acquisitions, as well as for general corporate purposes.
The principal managers of the acquired business will remain with Sanne after the transaction is finalized, the company said, adding that the deal will strengthen its presence in Luxembourg, a significant market for alternative assets.
Write to Carlo Martuscelli at firstname.lastname@example.org
(END) Dow Jones Newswires
September 29, 2017 05:27 ET (09:27 GMT)