Electra Private Equity Plc (Electra), the owner of the fiduciary services company Elian present in Luxembourg, has signed an agreement to divest its holding in Elian to global high-value and corporate services provider, Intertrust, for a consideration of £435m.
Headquartered in Jersey, Elian provides specialist services in capital market solutions; private equity, real estate and fund administration; corporate services; private client solutions; and employee benefit solutions. Elian has over 600 professionals and has been majority owned by Electra since 2014.
Intertrust holds a presence of 37 offices across Europe, Asia and the Middle East, providing high-value trust and corporate services. The acquisition of Elian forms part of the group's stated M&A strategy to increase scale, add complementary services and expand its footprint. Specifically, Intertrust is looking to bolster its capabilities in capital markets and fund administration and diersify its geographic reach.
Post acquisition, Elian will comprise c.25% of the combined group and will benefit from the long term stability that being part of a listed entity provides, as well as increased geographic scale and diversification in line with its long term strategic goals.
"Elian has built an exceptional reputation based on delivering first-rate fiduciary services across multiple jurisdictions," commented Elian CEO, Paul Willing. "Our employees are experts in their fields and are well respected in both the finance industry and, more importantly, by our clients and intermediaries. Joining the Intertrust group gives us long term stability as well as increased scale and geographic reach, which will be hugely beneficial to our clients. Our culture, services and global footprint are a perfect fit for Intertrust's and we are looking forward to growing our business together."
"I am particularly pleased that Elian is becoming part of the Intertrust family," added David de Buck, Intertrust CEO. "The addition of Elian's capabilities and geographic presence diversifies and reinforces Intertrust's services in several important jurisdictions, and specifically it brings us the leadership position in Jersey. Our similar cultures and approach to client service and compliance, coupled with increased scale and broader capabilities, means that together with Elian we can offer more to our clients and investors worldwide."
The transaction is expected to close later in 2016 and is conditional upon cutomary regulatory approvals and an Extraordinary general meeting approval for Intertrust.
