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.
The PraxisIFM Fund Administration business is a step-change acquisition for Sanne."
It added that the "strategically important acquisition augments Sanne's existing presence in this significant sector, especially for the UK market whilst also deepening its rapidly expanding footprint in Guernsey, the preeminent domicile for European private equity funds".
This is Sanne's third acquisition this year with the prospect of "pursuing a healthy pipeline of potential transactions" going forward.
Sanne CEO Martin Schnaier said: "The PraxisIFM Fund Administration business is a step-change acquisition for Sanne and we are delighted to have successfully concluded this deal swiftly to maximise the opportunities that are presented. The synergies between the two businesses are clear and we will seek to not only maintain existing levels of service to clients of PraxisIFM but enhance them as the assets and relationships transfer over to us."
Robert Fearis, chief executive of PraxisIFM said: "We very much see this agreement with Sanne as an opportunity to energise the Group by equipping it for the future and making PraxisIFM truly competitive in a rapidly developing market."
"As we enter our 50th anniversary year, this will enable us to focus on our core areas of Private Wealth and Corporate Services, setting the direction of the business and building a resilient business model that shareholders and future investors will appreciate."