30th Jul 2007 13:00
Capita Group PLC30 July 2007 CAPITA TO ACQUIRE TRUST ADMINISTRATION BUSINESS OF PRICEWATERHOUSE COOPERS CI LLP The Capita Group Plc ("Capita"), announced today that it has agreed to acquirethe trust administration business of PricewaterhouseCoopers CI LLP in theChannel Islands for a cash consideration of £12.75 million. PricewaterhouseCoopers CI LLP provides trust formation and on-goingadministration services in accordance with Jersey, Guernsey and English law.This includes the provision of corporate trustees, the maintenance of bankaccounts and investment portfolios, the regular reporting of financialinformation as required and the liquidation, restructuring and termination oftrust structures. On a proforma basis, the unaudited accounts of the business for the 12 months to30 June 2007 report an operating profit, after adjusting for certain overheads,of approximately £2 million on turnover of £4.8 million. Commenting on the deal, Paul Pindar, The Capita Group Chief Executive said: "Theacquisition is a natural fit for Capita, in terms of our client base, clientservices and professional staff. The deal also further demonstrates Capita'scommitment to, and investment in, Jersey and the financial services industry.The increased capacity will help ensure our continued growth in this sector andwe expect the acquisition to bring clear benefits to both new and existingcustomers. We look forward to welcoming the team to Capita. " Philip Taylor, Senior Partner, PricewaterhouseCoopers LLP Jersey, added: "We aredelighted that Capita intend to acquire the trust and company administrationbusiness. We believe this option provides excellent prospects for the businessand the people to grow and develop in the future." The deal is subject to approval by the Jersey Financial Services Commission, theGuernsey Financial Services Commission and the Jersey Competition RegulatoryAuthority. -ends- For further information please contact: For further information: The Capita Group Plc Tel: 020 7799 1525Paul Pindar, Chief ExecutiveShona Nichols, Corporate Communications Director Capita Press OfficeCaroline MooneyCapita press officeTel: 020 7654 2152/0870 2400 488 (out of hours) The Capita Group Plc is the UK's leading provider of integrated professionalsupport service solutions. The Group's service capabilities encompass businessprocess outsourcing, (BPO), customer services, administration and support, humanresources, ICT, property consultancy, finance & treasury and consultancydelivered to both public sector and private organisations. With 27,800 employeesat more than 250 offices across the UK, Channel Islands, Ireland and India,Capita is quoted on the London Stock Exchange (CPI.L), and is a constituent ofthe FTSE100 with revenues for 2006 of £1,739 million. Further information on The Capita Group Plc can be found at: www.capita.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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