Sanne Group plc (LSE:SNN) agreed to acquire European fund administration business from PraxisIFM Group Limited (CISX:) for £54 million on July 28, 2021. The total cash consideration of £54 million is payable upon completion and will be funded from the Sanne Group's existing resources. The transaction adds over 80 employees and more than £25 billion of assets under administration to Sanne. The acquisition is expected to complete during Quarter 4, 2021. The transaction is subject to PraxisIFM's shareholder and regulatory approvals. The acquisition is expected to be immediately earnings enhancing and accretive. The Funds Business is expected to deliver revenues of £13 million for the year ending April 30, 2022. Once integrated, with the removal of current PraxisIFM group recharges, we anticipate the business delivering profit margins in-line with Sanne's own. Christophe Kalinauckas, Andrew Weaver, Kevin McQuillan, Stuart Tyler, Richard Field and Christian Victory of Appleby acted as legal advisors to PraxisIFM.

Sanne Group plc (LSE:SNN) completed the acquisition of European fund administration business from PraxisIFM Group Limited (CISX:) £54 million on December 3, 2021. As of December 3, 2021, PraxisIFM Group Limited advises that the terms of the transaction have been amended such that £5.5 million of the total £54 million consideration will be held in escrow and is expected to be released in full or in part on or about July 27, 2022, subject to certain performance criteria. Effective December 6, 2021, the name of Praxis Fund Services Limited has changed to Sanne Fund Services (Guernsey) Limited. Antitrust clearances have been granted in Malta, Guernsey and the USA.