Sanne to acquire European funds business for £54m

Sanne, the global provider of alternative asset and corporate services, is to acquire the European fund administration business of PraxisIFM Group for £54m. The deal adds over 80 employees and more than £25bn of assets under administration to Sanne, with offices in Guernsey, Jersey, London, Luxembourg and Malta. The total cash consideration of £54m is payable upon completion and will be funded from the Group's existing resources., Sanne said in a statement. It added that the "strategically important acquisition augments Sanne's existing presence in this significant sector, especial...