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JTC PLC on Friday said that SALI Fund Management LLC and SALI GP Holdings LLC had fulfilled the conditions of the 2021 acquisition agreement, entitling SALI to an additional payout. JTC is a Jersey-based institutional and private client service provider. In 2021, the company acquired the US-based fund and structuring administration services provider SALI for an initial consideration of $204.5 million. The deal included a further payment subject to SALI achieving unspecified ‘performance targets’ within two years after the deal’s completion. JTC has now said that this further payment of $31.5 million is payable, after SALI outperformed its targets for the post-transaction period. This consideration comprises $26.8 million in cash and 465,516 new JTC shares, worth around $4.7 million. The company said that application has been made for the new shares to be admitted to trading on the main market of the London Stock Exchange. JTC expects these to become effective on January 17. JTC Chief Executive Officer Nigel Le Quesne said: ‘We are very pleased with SALI’s performance in the post-acquisition period. SALI has performed in line with expectations and has integrated well into the group with particularly strong cultural alignment. SALI continues to provide highly predictable, long-term revenue streams with further growth opportunities in the future.’ Shares in JTC were up 1.6% at 785.50 pence each in London on Friday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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