6th Sep 2018 12:30
LONDON (Alliance News) - JTC PLC said Thursday it agreed to buy Minerva Holdings Ltd and MHL Holdings SA from Dome Management Ltd and Dome Management SA for GBP30 million in total.
The private wealth services provider said that Minerva, a provider of treasury services, will extend its reach in the markets of sub-Saharan Africa, India and Asia as well as enhance its treasury services offering.
JTC expects the acquisition to be "immediately earnings enhancing", after completion which is forecast for November.
The payment for the acquisition is composed of an initial sum of GBP28 million, of which 60% in cash and 40% in shares.
Furthermore, there is a earn-out payment of up to GBP2 million based on Minerva achieving a minimum earnings before interest, taxes, depreciation and amortisation margins of 30% in the six-months following completion.
In 2017, Minerva made underlying ebitda of GBP2.5 million and had gross assets of GBP12.5 million.
The principal managers of Minerva, Vipin Shah, Umesh Sahai, Neel Sahai and Steven Bowen, will join JTC at completion.
JTC shares were trading up 1.0% at 402.00 pence each.
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