Law Firm Appleby have advised PraxisIFM on the sale of their fund administration division to Sanne Group Plc.
Appleby teams in Jersey, Guernsey and the Cayman Islands acted for PraxisIFM Group on the sale of its fund fdministration division to Sanne Group plc in an all-cash deal in excess of £50m. The deal equates to 20% of PraxisIFM’s overall business revenue and will facilitate the growth and expansion of private wealth and corporate services divisions.
The agreement with Sanne, which is subject to PraxisIFM Group shareholder and regulatory approvals, will see the transfer of circa £25bn of Funds Administration AuA with offices concerned including Guernsey, Jersey, London, Luxembourg and Malta.
In Jersey the transaction was led by Partner Andrew Weaver and Group Partner Christophe Kalinauckas, with support from Kevin McQuillan and Angharad Prescott. In Guernsey, Partners Stuart Tyler and Richard Field and Group Partner Richard Sheldon were part of the deal team alongside Christian Victory, a partner in the Cayman team.
Andrew Weaver (pictured) observed “We are thrilled to assist PraxisIFM Group again, this time on the sale of its Fund Administration division to Sanne. This is another high-profile example of our Appleby Channel Islands team leading large cross-border transactions featuring regulated financial services businesses, with premises and people in the Channel Islands and other key jurisdictions”
Speaking about the announcement, Robert Fearis, Chief Executive Officer of PraxisIFM said: ‘We very much see this agreement with Sanne as an opportunity to energise the Group by equipping it for the future and making PraxisIFM truly competitive in a rapidly developing market. As we enter our 50th anniversary year, this will enable us to focus on our core areas of private wealth and corporate services, setting the direction of the business and building a resilient business model that shareholders and future investors will appreciate.
“We have greatly appreciated the comprehensive input and support from the Appleby team, often in very compressed timescales, alongside their ability to marshal legal input from numerous jurisdictions.”
