Link Administration Holdings (Link Group) has entered into an agreement to sell its Corporate and Private Clients (CPCS) business, part of its Link Asset Services division, to global fund administrator, Apex Group for £240 million.
The transaction, which was still subject to mandator regulatory approvals, was expected to be completed by 30 September this year.
Link Group managing director, John McMurtie, said while CPCS was a successful and robust business, the firm concluded that the business would better achieve its potential under different ownership.
“Like CPCS, Apex focuses on high client service levels,” said McMurtie. “Apex has emphasised the strategic fit of the CPCS business with the other businesses owned by them and the benefits this will provide to CPCS staff and clients.”
McMurtie also said on completion of the sale, the net cash proceeds would be used to provide Link Group with a stronger and more flexible balance sheet.
“Link Group’s revolving debt facility means any headroom created by debt reduction remains available to support future acquisitions in accordance with Link Group’s growth strategy.”
