Sanne Group (SNN.L), a provider of alternative asset and corporate administration services, announced that it has entered into an agreement to acquire Luxembourg Investment Solutions S.A. Or LIS and Compliance Partners S.A.
The initial acquisition value payable of about 55 million euros split approximately 36% in new SANNE shares and the balance in cash. Additionally an earn-out payment is expected to be made in 2019, based on performance of the acquired companies in the year ended December 31, 2018.
The acquisition is expected to be immediately earnings enhancing.
LIS is a third-party AIFM headquartered in Luxembourg with a branch in Dublin. Compliance Partners primarily provides unregulated services, including corporate services, for both LIS and external clients.
The acquired companies together employ more than 70 people. The principal managers and shareholders of the businesses, Thomas Goergen, Pierre Weimerskirch and Daniel Kranz will remain with the Group post completion.
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