Mauritius-based IFS bought for Rs 4.6 billion

MCB Capital Markets, the investment banking arm of MCB Group, is acting as Transaction Advisor to SANNE Group plc (SANNE), on the US$127.3 million (approx. Rs4.6 billion) acquisition of Mauritius-based International Financial Services and IFS Trustees (IFS), a leading provider of fund and corporate administration services. SANNE is a specialist global provider of outsourced corporate, fund and private client administration, reporting and fiduciary services. Based in Jersey, it is listed on the London Stock Exchange with a market capitalisation of around US$700 million.

SANNE has entered into an agreement to acquire the entire share capital of IFS through a mixture of cash and SANNE shares. IFS was established in 1993 by Couldip Lala and Dev Joory, two pioneers of the Mauritian offshore management industry. IFS has a staff of 260 employees in Mauritius and administers assets in excess of US$ 87 billion.

“Mauritius is one of the leading international financial centres for foreign investment into Africa and India and this transaction provides us with a significant platform to both support clients in these attractive regions and grow our emerging markets presence,” said Dean Godwin, CEO of SANNE Group plc. “Our clients will continue to be provided with services they have become accustomed to and can now take advantage of SANNE’s range of institutionally-focused fund and corporate administration and reporting services available in other jurisdictions as well,” said Couldip Lala, Founder Director of IFS.

Rony Lam, Chief Executive Officer of MCB Capital Markets, commented: “I believe it is the first time that a Mauritian investment bank has orchestrated and successfully executed a cross-border inbound M&A transaction of this size and complexity.” Carey Olsen (Jersey) acted as Legal Advisor and PWC (London) provided due diligence advice to SANNE. Investec Bank plc acted as Sponsor, Financial Adviser, Bookrunner and Broker.