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.