Sanne Group PLC - provider of alternative asset and corporate services - Reports the acquisition of STRAIT Capital Co Ltd, a North American private equity and hedge fund administration business headquartered in Dallas, Texas. The acquisition of STRAIT will provide Sanne with increased scale, capability and client coverage in North America, the company notes. The acquisition has been agreed with an upfront consideration of USD32 million, of which 30% is payable in Sanne shares, and an earn-out component consisting of cash and Sanne shares, based on financial performance up to the end of March 2022, which is capped at USD13 million. The acquisition is expected to be immediately earnings enhancing.
In a separate statement, Sanne says it intends to raise GBP80 million by way of a placing of new shares, representing 8.5% of its existing issued share capital. The net proceeds of the placing will better position Sanne, it says, to continue its disciplined acquisition strategy, enhancing its financial flexibility and competitiveness.
Current stock price: 668.00 pence, up 0.9% on Wednesday
Year-to-date change: up 8.4%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.