IFG Group plc ("IFG") has announced that it has signed an agreement for the sale of its entire International Division to AnaCap Financial Partners II LP. The International Division consists of Trustee and Corporate Services in multiple jurisdictions including Jersey, Cyprus, Switzerland and the Isle of Man.
The purchase price is STG£70 million (€84 million) which will be paid in full on the completion of the sale, subject to adjustments upon finalisation of the completion accounts. Profit for the International Division for 2011 was STG£8.02 million (Group STG£22.6 million). Gross assets as of 31 December 2011 were STG£64 million (Group STG£184 million).
The sale is subject to certain conditions including shareholder and regulatory consent.
Declan Kenny, CEO of the International Division will remain with the International Division following the sale and he will resign from the Board of IFG.
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