Apex Outbids Cinven to $2bn Takeover of a British Asset Management Firm, Sanne

British asset management services provider Sanne agreed to an about $2bn takeover offer from fund servicer Apex Group. 

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.

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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 $1tn 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.

Source: Investing.com

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