Electra Partners announces sale of Elian for £435m

Electra Partners has announced that it has agreed the sale of Elian to Intertrust for £435m. Electra Partners say that the transaction is subject to regulatory and Intertrust Group N.V. shareholder approvals. Following completion of the transaction, which Electra Partners say is expected during the third or final quarter of 2016, Electra Private Equity is expected to receive total proceeds of c.£200m, an uplift of £41m or 26% and equivalent to an increase in NAV of 83 pence per share, on the valuation of the investment at 31 March 2016. Electra Partners say that this equates to a return of c.2.6x original cost, and an anticipated IRR of c.50%.

Elian is a provider of offshore trust and corporate services, which employs over 600 people. It is headquartered in Jersey and has operations in 14 other jurisdictions serving 3,000 corporate, financial institution, investment fund and private clients worldwide. Electra Partners led the buyout of Elian from the Ogier Group in June 2014.

Electra Partners announces sale of Elian for £435m : ELTA