(Alliance News) - MJ Hudson Group PLC on Monday confirmed it has now secured regulatory approval from the Jersey Financial Services Commission relating to its acquisition of Anglo Saxon Trust Ltd.
The asset management consultancy firm said the transaction is now unconditional as to its terms, and the initial payment of GBP3.7 million was made to vendors of Anglo Saxon.
Additional earn-out consideration of up to GBP2.8 million is payable based on Anglo Saxon's growth over the next four years.
For the year to the end of January, Anglo Saxon generated fee income of GBP2.1 million, MJ Hudson said.
"Strategically, we offer to Anglo Saxon a permanent new business presence in the London market and to the group's clients generally a joined-up Jersey and Guernsey offering," said MJ Hudson Chief Executive Matthew Hudson.
The company plans to report its interim results on March 18, it said.
MJ Hudson shares were trading 1.6% lower in London on Monday at 56.10 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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