(Sharecast News) - Sanne said on Monday that full-year revenues are set to be "marginally" below its previous expectations as it announced the acquisition of Scandinavian and Guernsey private equity fund administrator Private Equity Administrators Group (PEA) for up to €30.25m.
The provider of alternative asset and corporate services said the deal adds more than 55 employees and €27bn of assets under administration to the company, with offices in Denmark, Sweden and Guernsey.
"PEA is a strategically important acquisition that will further expand Sanne's geographical footprint introducing a new physical presence in the important Scandinavian markets of Denmark and Sweden, which have strong underlying growth characteristics," it said. "The acquisition will also provide an opportunity to increase the scale of the Group's Guernsey operations and client base."
Sanne also said it has continued to trade resiliently through the second half of the year and is set to deliver underlying earnings per share in line with expectations. It has also begun to see increased client activity converting into new business wins in the fourth quarter.
"The market backdrop has continued to be impacted by the on-going Covid-19 pandemic, as well as additional uncertainty relating to the US elections and Brexit negotiations. Accordingly, the delays to fundraisings and closings as well as the reduced transaction levels, seen throughout Q2, continued in Q3.
"Although existing client activity has latterly begun to increase in Q4, full year revenues are consequently expected to be marginally below the board's previous expectations."
4 Aug 2022 11:27
IN BRIEF: Sanne Group shares suspended on takeover by Apex
Sanne Group PLC - FTSE 250-listed asset management services provider - Reiterates that the Jersey Court has sanctioned its takeover by Apex Group Ltd on Tuesday. Thus, the acquisition has become effective, following delivery of a copy of the court order to the Registrar of Companies on Thursday. Says its shares have been suspended from 0730 GMT.
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