LONDON - Amicorp FS (UK) Plc, a specialist fund services group, announced the completion of a related party transaction involving the acquisition of three entities from the Amicorp Group. The deal, which took place on Monday, was valued at a combined $4.5 million and is expected to enhance the company's business process outsourcing services and strengthen its presence in India.
The acquisition encompasses two transactions. The first includes the transfer of Amicorp Financial Services Philippines Inc. and Amicapital Services Limited, both of which specialize in accounting, administration, and back-office support services. This part of the deal is anticipated to add approximately $1 million in recurring annual revenue to Amicorp FS, leveraging a major credit rating agency as the primary customer.
The second transaction involves the transfer of Amicorp Trustee (India) Private Limited, which is authorized to provide various consulting and trusteeship services in India. The inclusion of ATIPL is aimed at bolstering Amicorp FS's service offerings in the rapidly growing Indian economy.
The independent directors of Amicorp FS, Kathy Byrne and Patrick Byron, have assessed the terms of the acquisition and consider them fair and reasonable for shareholders. Toine Knipping, Chairman of Amicorp FS and CEO of Amicorp Group, abstained from board discussions due to the related party nature of the transaction, as mandated by Rule 7.3 of the Disclosure Guidance and Transparency Rules.
Amicorp FS CEO Kin Lai commented on the strategic merits of the acquisition, emphasizing its alignment with regulatory and governance standards and the anticipated benefits for the company and its shareholders. Lai also noted the company's commitment to a transparent and fair integration process.
The company expects to publish a trading update in mid-February 2025, which will include further details on the financial impact of the acquisition. This move is part of Amicorp FS's strategy to expand its services and market reach, positioning it for future growth. The information reported is based on a press release statement.
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