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BREAKING NEWS

Dutch Intertrust acquires U.S.-based Viteos for $330 million

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(Reuters) – Intertrust acquired U.S.-based Viteos for $330 million (£263.3 million), the Dutch trust and business administration company said on Tuesday, in a deal which will help strengthen its foothold in the United States.

The deal, which was completed on June 17, is expected to deliver mid-single-digit EPS accretion in the first full year of ownership and double-digit EPS accretion by 2021, including phased synergies.

It will help Intertrust increase its exposure to funds and accelerate its growth potential, the Dutch company said.

Following the acquisition with Viteos, a tech-enabled alternative funds manager in New Jersey, Intertrust raised its medium-term guidance to reflect enhanced revenue growth and cost synergies, and now targets underlying revenue growth of 4-6% year-on-year.

(Reporting by Pawel Goraj, Editing by Sherry Jacob-Phillips)

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