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UK's Sanne agrees to $2.07 billion takeover by Apex

UK's Sanne agrees to $2.07 billion takeover by Apex
By Reuters
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- British asset management services provider Sanne agreed to an about 1.51 billion pound ($2.07 billion) takeover offer from fund servicer Apex Group, the companies said on Wednesday.

The announcement comes days after Apex tabled a 920 pence per share offer for Sanne, trumping London-based private equity firm Cinven's sweetened bid of 875 pence per share.

Sanne's shares finished Wednesday's session 1.4% lower at 930 pence.

The proposed acquisition is the latest in a flurry of dealmaking activity in Britain, Europe's biggest mergers and acquisitions market, spanning supermarket groups, healthcare firms and defence suppliers.

Sanne's directors intend to recommend unanimously that shareholders vote in favour of the proposal.

Jersey-based Sanne provides outsourcing services to nearly 2,000 clients, varying in type from private debt to capital markets and real estate. It recorded a 12% rise in earnings last year as it won new businesses and made several acquisitions.

Founded in Bermuda in 2003, Apex crossed $1 trillion of combined assets across administration, custody, depositary and under management this year. It has 45 offices worldwide and more than 4,000 employees, according to its website.

($1 = 0.7280 pounds)

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