Link Asset Services sells corporate services to Apex

Company News

by Rachael Jones

Link Administration Holdings (ASX:LNK) is looking to sell its Corporate & Private Clients business, part of the Link Asset Services division (LAS), to global fund administrator Apex Group for £240 million.

The acquisition will add new specialist hubs for Apex in the UK, Jersey, Ireland, the Netherlands, Hungary and Switzerland.

In the 12 months to December 2018, CPCS has contributed approximately £78 million to Link Group revenue and approximately £20 million to Link Group Operating EBITDA.

Any accounting gain derived from this transaction will be excluded from Operating NPATA. On completion of the sale, the net cash proceeds will be used to reduce Link Group’s debt.

Link Administration Holdings (ASX:LNK) closed 1.57 per cent higher to $7.14.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.