Simmons & Simmons has advised Intertrust Group Holding S.A. (Intertrust) on the acquisition of the Cayman Islands trust, fiduciary services, fund administration and banking business of Close Brothers Group plc (Close Brothers). Waterland Private Equity Investments B.V. acquired Intertrust from Fortis Bank Nederland and BGL in 2009 and the transaction represents the first acquisition during Waterland’s ownership of Intertrust.

The transaction values the Close Brothers Cayman business at US$34 million (approximately £20.9 million), subject to adjustment by reference to the net asset position of the business at the time of completion.  Close Brothers owns 85% of the Cayman Islands trust, fiduciary services and fund administration business and 100% of the banking business and is selling its entire holding.  The parties have signed binding transaction documents that are subject to regulatory approval and the transaction is expected to complete by 30 June 2011.

The Simmons & Simmons team advising Intertrust was led by corporate partner Arthur Stewart, assisted by corporate associates Amar Madhani and Alice Steward and by corporate trainee solicitor Fraser Cocking.

Arthur Stewart commented: “We are delighted to have advised Intertrust on this strategic acquisition as it looks to extend its footprint in a major financial centre.”

 

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