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JTC acquires Indos for up to £12.5m
StockMarketWire.com
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Fund services provider JTC said it had acquired Indos for up to £12.5 million.
The initial consideration was £11 million, which would be settled in cash £10 million and JTC equity of £1 million.
A further £1.5 million deferred consideration would be available to management of Indos on the achievement of performance targets.
Indos, founded in 2012, provided depositary, ESG and AML oversight services for alternative investment funds.
The transaction would require FCA regulatory approval and was expected to complete by the end of Q1 2021.
'The acquisition will create exciting growth opportunities both on a standalone basis as well as for the broader ICS business and enable JTC to better serve its global client base,;' JTC said.
'Indos directly adds scale in Ireland and the UK, two growth jurisdictions, as well as expanding the group's Cayman offering through the provision of AML oversight services,' it added.
'All employees, including INDOS founder and CEO Bill Prew and his senior management team, will join JTC, becoming part of the institutional client services division.' Story provided by StockMarketWire.com
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