Sanne Buys FLSV Fund Administration for $65.8 Million; Gets New Loans from HSBC
October 03 2016 - 4:55AM
Dow Jones News
LONDON--Sanne Group PLC (SNN.LN) said Monday it is buying FLSV
Fund Administration Services LLC for $65.8 million in cash and
shares.
The corporate and fund administrator said it is going to pay
$52.6 million once the acquisition is completed, adding that 74% of
it will be paid in cash and the rest in new Sanne shares. The
company is also going to pay a deferred consideration of $13.2
million in addition to that.
Sanne also got a five-year, 60 million pounds ($79.4 million)
loan from HSBC (HSBA.LN), it announced on Monday. The loan comes
with an additional GBP40 million facility, so that it could pay
other loans from HSBC and finance the cash part of the acquisition,
Sanne said.
Shares at 0825 GMT up 3.25 pence, or 0.7%, at 460 pence valuing
the company at GBP532 million.
Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter
@OlgaCotaga
(END) Dow Jones Newswires
October 03, 2016 04:40 ET (08:40 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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