Praxis has purchased Nerine in what's been described as a "key strategic acquisition."
Appleby Guernsey acted for its long-term client PraxisIFM Group in securing the deal, which saw the acquisition of 100% of the issued share capital of Nerine International Holdings Limited, a Bahamian registered company, and its various overseas subsidiaries.
It is the fourth acquisition within two years in which Appleby has acted for the Channel Islands-based group and the purchase of Nerine will support Praxis in its existing and new services.
Nerine is an independent group providing fiduciary servicing to alternative investment funds and international business clients with management, domiciliation, administrative, corporate and fund service solutions. It was founded in 1997 and Appleby said "with this key strategic acquisition, Nerine will help Praxis to add significantly to the Group’s capabilities in private client and corporate services upon completion. It will also add two additional jurisdictions to the group’s service offering, and take its total number of offices to 15 with more than 520 employees."
The total consideration, payable in cash and equity, comprises the initial consideration of £16,534,383 and deferred payments payable on the first and second anniversaries with a maximum value of £23,620,547.
The deal is subject to various regulatory approvals.
Pictured top: James Walsh; Senior Associate, James Dickinson; Paralegal, Andrew Harding; Group Partner. All three worked on the deal with Mr Walsh leading, Mr Dickinson assisting and Mr Harding supervising. They advised on all aspects of the transaction, including due diligence, negotiation of all transaction documents, regulatory change of control approval and employee retention matters
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