The London-listed corporate, fund, private client and fiduciary services group is expanding its global footprint.

Sanne Group has agreed to acquire the Mauritius-based IFS Group, comprising International Financial Services and IFS Trustees, for $127.3 million.

Given Mauritius’ status as an international financial centre for foreign investment into Africa and India, the acquisition will allow Sanne to expand its exposure to the emerging markets and to clients looking for support with their emerging markets structuring requirements, Sanne said in a statement. 

IFS Group, founded in 1993, provides fund and corporate administration services to corporates and alternative asset managers. It has over $82 billion in assets under administration, a high proportion of which is funded from the US or Cayman. The group will form the core of a standalone division operating as Sanne’s new emerging markets-focused platform. 

In 2015, IFS Group generated an operating profit of $18.4 million at an operating profit margin of around 65 per cent. The acquisition, which is scheduled to complete in the first quarter of 2017, is expected to be immediately earnings enhancing. 

The $127.3 million consideration of the acquisition will be satisfied through the payment of around $91.1 million in cash, which will be financed through net proceeds of capital raising, representing 4.1 per cent of Sanne’s enlarged share capital.

In October, Sanne Group announced the acquisition of New York-headquartered FLSV Fund Administration Services for $65.8 million.