M and A
Deals Of The Day: The Latest In Wealth Management M&A - PraxisIFM, Sanne Group
The latest transactions in the wealth management industry around the world.
PraxisIFM, Sanne Group
PraxisIFM
Group, the Jersey-listed financial services business, has
received regulatory blessing to complete the cash sale of its
fund administration arm to Sanne Group. The
transaction is for £54 million ($71.6 million) and follows the
announcement of a deal in July this year.
The deal will allow PraxisIFM to focus on growing its core
private wealth and corporate services business which have been
running since the group was founded in 1972.
The firm said in a statement that it intends to pay back a
“significant amount” of the proceeds to shareholders and will
deploy the balance to initially shrink it bank debt and invest in
technology. It will give more details about the capital return in
coming weeks.
As part of the transaction, £5.5 million of the total
consideration will now be held in escrow and is expected to be
released in July 2022, subject to certain performance criteria,
PraxisIFM added.
