Electra sells Elian to Intertrust for £435m

(ShareCast News) - Electra Partners said it had agreed to sell corporate services provider Elian to Intertrust Group for £435m.After completion of the deal, which is expected during the third or final quarter of 2016, Electra said it expected to receive total proceeds of around £200m, an uplift of £41m or 26% and equivalent to an increase in net asset value of 83p a share, on the valuation of the investment at 31 March 2016.This equates to a return of around 2.6 times original cost, and an anticipated internaI rate of return around 50%, Electra said.Jersey-based Elian provides offshore trust and corporate services and employs more than 600 people. It has operations in 14 other jurisdictions serving 3,000 corporate, financial institution, investment fund and private clients worldwide, Electra added.