Share registration company Computershare Ltd
(ASX:CPU) says it has agreed to terms to acquire HBOS Employee Equity Solutions from Loyds Banking Group for 40 million pounds.
Computershare says HBOS Employee Equity Solutions is a UK based employee share plans provider providing services in over 100 countries for over 400 clients with revenues of approximately 25 million pounds.
The company says the acquisition is to be funded by cash and existing debt facilities, and is expected to be earnings per share positive in fiscal 2011 and increasingly accretive thereafter.
Martyn Drake, managing director of Computershare’s UK Employee Share Plan Business, is to manage the integration of HBOS Employee Equity Solutions.
The acquisition is expected to be complete in December 2009. Computershare’s 2009 net profit was $255.7 million.
