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LSL Property Services PLC on Monday said it has agreed to acquire all of TenetLime Ltd from Tenet Ltd, a subsidiary of Tenet Group Ltd, for up to £12.9 million. Subject to UK Financial Conduct Authority approval, Newcastle-upon-Tyne, England-based estate agency LSL Property said TenetLime operates a network providing services to 231 mortgage and protection advisers, operating within 133 appointed representative firms. TenetLime’s advisers arranged £3.9 billion in mortgages in 2022, LSL Property said. The deal includes an initial payment of £5.6 million, followed by a further £4.5 million and expected £2.8 million payment for assets which form part of TenetLime’s regularatory capital. LSL Property said the acquisition was being financed from its existing cash resources and that payments were subject to adjustments based on the net asset value of TenetLime at the point of completion. ‘After a short period of transition, TenetLime members will be integrated fully in the operations of LSL’s Primis Network. The acquisition allows LSL to leverage its existing network infrastructure to deliver synergies and enhance the group’s margin,’ said LSL Property. ‘Following integration into LSL’s Primis Network we expect the transaction to be earnings enhancing in 2024.’ Chief Executive Officer David Stewart commented: ‘I’m delighted we have been able to complete this transaction and I look forward to welcoming TenetLime’s advisers to our Primis Network. The increase in membership will help us to further invest in our service offering to member firms as well as delivering scale economics to support further growth. ‘The acquisition also underpins our leading position in the mortgage and protection network market and is fully aligned with our group strategy to develop our Financial Services Network business.’ Shares in LSL Property were flat at 245.00 pence each in London on Monday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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