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Sanne acquires fund administrator
StockMarketWire.com
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Sanne Group has announced the acquisition of Scandinavian and Guernsey private equity fund administrator, PEA.
The company is making the acquisition from its founders who will remain with the business. The transaction will expand Sanne by around 55 employees and €27 billion in assets under administration.
The deal includes an upfront consideration of €27 million, of which 30% will be payable in Sanne shares, and cash earn-out components based on performance up to the end of 2022, capped at €3.25 million.
In its market update today, Sanne said it believes PEA will deliver revenues of around €6.7million and EBITDA of around €2.1 million for the year to 31 December 2020.
The acquisition is scheduled to complete by the end of Q1 2021, subject to regulatory clearance.
At 1:39pm: (LON:SNN) Sanne Group PLC share price was 0p at 599p
Story provided by StockMarketWire.com
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