London-listed and Jersey-based fund services provider Sanne, with a stated 2,000 professionals employed worldwide, was about to be taken over by Cinven, a private equity firm. Now, financial solutions provider Apex Group has taken the lead by bidding 2.1 billion dollars for Sanne.
Reuters is among the media reporting on the bidding war for Sanne, whose home page lists representation in 23 jurisdictions. Its offer focuses not least on administration services for funds and asset managers with alternative assets.
Apex’s offer at 920 pence per share, putting the total value of Sanne at 2.1 billion USD, meant an increase over the 875 pence per share last offered by Cinven.
Reuters reports that Apex, according to its website, has crossed 1 trillion dollars of assets when administration, custody, depositary and under-management is combined. It cites 45 offices worldwide and more than 4,000 employees.