UK / IRELAND - Irish financial services group IFG has bought Bristol-based IPS Actuarial Services from its management for £15.4m (EUR25.2m).
IFG will make two payments to take control of IPS, which provides actuarial, employee benefits consultancy and pension scheme administration services in the UK. As part of the deal, David Saunderson, chief executive of IFG's UK Operations, will join the Board of IPS as chairman.
Initially, IFG will pay £11.4m upfront in loan notes and cash, whilst the remainder - £4m will be paid depending on profits for the next two years ending September 2003 meeting certain agreed thresholds.
IFG said that it is acquiring IPS as its activities complement its own, and is an opportunity to increase both the current actuarial and financial services business of IPS and IFG's existing UK financial services business.
IFG is a specialist financial services group comprising four divisions: Financial Services, International Trustee and Corporate Services, Internet Technology and Investment.
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