Carey Olsen has advised Close Brothers Group plc on the sale of its trust, fund administration, asset management and banking businesses in Jersey and Guernsey to Kleinwort Benson for GBP29.1 million.
The deal between two of the largest administration groups in the Channel Islands is the largest sale across the islands in recent years. The sale, subject to regulatory approval, is expected to be completed towards the end of July.
A Channel Islands cross-practice team of 16 from Carey Olsen advised on the legal and regulatory aspects of the transaction. The transaction was led by corporate partners Graham Hall in Guernsey and Mike Jeffrey in Jersey with support from senior associates Tony Lane and James Fox.
“This sale is significant for the Channel Islands financial services industry and we were delighted to support Close Brothers on this transaction," says Hall. "It was a complex deal due to the size of the businesses involved in the disposal and the requirement to co-ordinate activities in various jurisdictions.”
Andrew Henton, Close Brothers’ Head of UK Offshore says: “The experience of the team and quality of advice that we have received from Carey Olsen during this transaction has been invaluable and enabled the process to run smoothly throughout.”