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Acquisition of Gestinor AG
Date: 20-04-2007
Source: IFG
IFG Group plc is pleased to announce that it has to-day acquired, through its subsidiary IFG (Suisse) SA (“IFG Suisse”), the entire issued share capital of Gestinor AG (‘Gestinor’), a Swiss company with offices in Zurich and Zug.
Gestinor is a specialist financial services company providing fiduciary, trust and corporate services and company administration services primarily to private clients and has some 250 companies, trusts and other entities under administration.
The consideration for Gestinor will be a maximum of CHF 10,716,678 (€6,557,350), of which CHF 3,673,331 (€2,247,648) has been satisfied in cash upon completion. The balance will be satisfied in cash payable by reference to the turnover of Gestinor for the years ending 31 December 2007 and 31 December 2008.
IFG Suisse will maintain its presence in Geneva. The business of Gestinor will be integrated into IFG Suisse activities and will operate under IFG’s International Trustee and Corporate Services Division. This acquisition continues the Company’s strategy of acquiring similar businesses across many jurisdictions and will further enhance IFG’s offering to its clients in Switzerland.
In the year ended 31 December 2006, the latest date to which accounts were prepared, Gestinor had turnover of CHF 3,007,828 (€1,840,438) and profit on ordinary activities before tax of CHF 1,141,078 (€698,206). Net assets acquired on completion were CHF 1,116,678 (€683,276).
The acquisition agreement contains warranties and indemnities in favour of IFG Suisse.
Yours sincerely
D M Lynch
Director and Secretary
Registered in the Republic of Ireland No. 21010
Registered Office: IFG House, Booterstown Hall, Booterstown, Co. Dublin
Tel: + 353 (0)1 2752800 | Fax: + 353 (0)1 2752801
Email: group@ifg.ie