21st May 2007 08:02
Lloyds TSB Group PLC21 May 2007 63/07 21 May 2007 LLOYDS TSB GROUP ANNOUNCES THE SALE OF LLOYDS TSB REGISTRARS Lloyds TSB has agreed the sale of the business and assets of Lloyds TSBRegistrars to Advent International for a total cash consideration of £550million, subject to completion and other adjustments. Lloyds TSB Registrars contributed £32 million to Group profit after tax in 2006and had gross assets of approximately £85 million as at 31 December 2006. The transaction is expected to be completed in the second half of 2007 and issubject to regulatory approval. Subject to completion and other adjustments, itis expected that a profit before tax of circa £440 million (tax: nil) will berecognised in the income statement of Lloyds TSB Group for the year ending 31December 2007. Eric Daniels, Lloyds TSB Group Chief Executive, said: "Having conducted a strategic review of Lloyds TSB Registrars, we have concludedthat a sale of the business at this time is in the best interest of the Group.We are pleased that Advent, who are fully committed to the future developmentand growth of the business, will be the new owners." James Brocklebank, director at Advent International, commented: "Lloyds TSB Registrars is a unique asset, whose outstanding customerrelationships, established market-leadership positions, broad product offeringand advanced technology provide an impressive platform for growth withinfinancial services business process outsourcing. We recognised from the startthe quality of the business and its staff. We're very much looking forward tobacking the existing management team under David Winton, Managing Director". Lehman Brothers acted as exclusive financial adviser to Lloyds TSB on thistransaction. Notes to Editors: Advent International is one of the world's leading global investment firms, withoffices in 14 countries on four continents. Founded in 1984, Advent hasdeveloped an unparalleled global investment platform with over 100 investmentprofessionals across Western and Central Europe, North America, Latin Americaand Asia. The firm specialises in growth, cross-border and strategicrestructuring opportunities in five core sectors, including financial services.Since inception, Advent has raised over £5.0 billion in private equity capitaland completed more than 200 buyout and private equity transactions valued atover £13.0 billion in 35 countries. Lloyds TSB Registrars has over 700 corporate clients (including 55% of theFTSE100) and manages over 24 million investor and shareholder accounts,including 14 million open and active shareholders. It is also a majoradministrator of employee share plans, investment vehicles and pension schemesand also provides sharedealing services to a number of leading UK corporates. For further information:- Lloyds TSB Investor Relations Michael Oliver +44 (0) 20 7356 2167 Director of Investor Relations E-mail: [email protected] Sarah Pollard +44 (0) 20 7356 1571 Senior Manager, Investor Relations E-mail: [email protected] Lloyds TSB Media Mary Walsh +44 (0) 20 7356 2121 Director of Corporate Relations E-mail: [email protected] Advent International Nigel O'Connor +44 (0) 20 7831 3113 Financial Dynamics Email: [email protected] Emily Watson +44 (0) 20 7831 3113 Financial Dynamics Email: [email protected] FORWARD LOOKING STATEMENTS This announcement contains forward looking statements with respect to thebusiness, strategy and plans of the Lloyds TSB Group and its current goals andexpectations relating to its future financial condition and performance.Statements that are not historical facts, including statements about Lloyds TSBGroup's or management's beliefs and expectations, are forward lookingstatements. By their nature, forward looking statements involve risk anduncertainty because they relate to events and depend on circumstances that willoccur in the future. Lloyds TSB Group's actual future results may differmaterially from the results expressed or implied in these forward lookingstatements as a result of a variety of factors, including UK domestic and globaleconomic and business conditions, risks concerning borrower credit quality,market related risks such as interest rate risk and exchange rate risk in itsbanking businesses and equity risk in its insurance businesses, inherent risksregarding changing demographic developments, catastrophic weather and similarcontingencies outside Lloyds TSB Group's control, any adverse experience ininherent operational risks, any unexpected developments in regulation orregulatory actions, changes in customer preferences, competition, industryconsolidation, acquisitions and other factors. For more information on theseand other factors, please refer to Lloyds TSB Group's Annual Report on Form 20-Ffiled with the US Securities and Exchange Commission and to any subsequentreports furnished by Lloyds TSB Group to the US Securities and ExchangeCommission or to the London Stock Exchange. The forward looking statementscontained in this announcement are made as of the date hereof, and Lloyds TSBGroup undertakes no obligation to update any of its forward looking statements. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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