(Sharecast News) - Alternative asset and corporate business services provider Sanne has agreed to sell Jersey-based to JTC for up to ?12m.
Sanne said the transaction represented an "important strategic move" in focusing the group on its core, high growth global alternatives markets - with the group's alternatives business representing over 90% of its activities following the sale.
The FTSE 250-listed firm added that proceeds of the sale would be used to cut debt and would have a "small dilutive" impact on earnings.
Sanne added that the deal was expected to "occur swiftly" following the receipt of necessary approvals.
Chief executive Martin Schnaier said: "As Sanne continues to focus its global operations on the growing alternatives and corporate sector, we were keen to ensure we found a leading player in the market that shares the same passion for high-quality client service as we do.
"We believe our people and our clients will benefit from JTC's experience and expertise in this sector. I wish all of our people every success as they enter a new chapter with JTC."
As of 0900 GMT, Sanne shares were down 6.37% at 448p.
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 ...