17th Dec 2021 09:43
(Alliance News) - Sanne Group PLC on Friday was optimistic in its outlook, as the fund manager reported a healthy recovery in its end markets that saw new business wins for 2021.
New business wins in excess of GBP32 million in the year so far represent an increase of more than 40% on the previous year and will "provide further momentum for 2022 and beyond", Sanne said.
The London-based specialist alternative asset fund manager also noted that its GBP54 million purchase of the European fund administration business PraxisIFM Group completed during the fourth quarter.
Separately, Sanne said its own acquisition by Apex Group Ltd should complete by the end of the first quarter of 2022.
Apex had battled it out with Cinven Ltd for ownership of Sanne, and finally came to an agreement at 920 pence per share - a figure which was put forward by Apex in early August. The 920p deal values Sanne's entire issued share capital at GBP1.51 billion.
The takeover is now awaiting the green light from the UK courts, with antitrust clearances already received in the US, Malta and Guernsey for the Apex deal.
Sanne shares were up 0.1% at 910.51 pence in London on Friday morning.
By Will Paige; [email protected]
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