19th Aug 2024 10:01
(Alliance News) - JTC PLC on Monday said it proposed to buy the Buck UK & European Share Plan Administration & Trustee businesses from Illinois-based insurance firm Arthur J Gallagher & Co.
The Jersey-based professional services company said Buck Share Plans, with operations in the UK, Guernsey and Germany, provide fully outsourced administration and trustee services to a blue-chip global client base, "covering a full range of employee share plans."
JTC expects the proposed acquisition to enhance its existing Employer Solutions platform, which it highlights delivers "attractive growth" for the company. "Buck Share Plans will accelerate the growth of the group's share plan trustee and administration service offering, as well as bring with it an existing book of high-quality, long-standing blue-chip clients, and an experienced, client focused and committed team of 16 professionals based in the UK, Guernsey and Germany," JTC said.
JTC Chief Executive Officer Nigel Le Quesne said: "This acquisition is exciting for us as share plan services are closely aligned with our own shared ownership philosophy, which has been at the heart of JTC's culture since 1998. We believe that our passion for shared ownership, combined with the 25-year track record of our Employer Solutions business, continues to cement our position as a market leader. The JTC Employer Solutions business continues to grow strongly, and we are pleased to be able to further expand our employee share plan offering."
JTC did not disclose financial details of the planned acquisition.
JTC shares were up 0.8% at 1,050.00 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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