Ogier, instructed by Clifford Chance, has advised long standing client Elian on matters of Guernsey, Jersey, BVI and Cayman law in respect of the sale by management and Electra Partners LLP to Intertrust for a total consideration of £435 million.
Elian is a trust and corporate services administrator with 615 employees across key jurisdictions. It is a market leader in Jersey and has a strong presence in the UK and 13 other jurisdictions, 10 of which overlap with Intertrust. Elian is particularly strong in services for Capital Markets, having acquired SFM in 2015, and for Private Equity & Real Estate Fund Administration. Approximately 40 of Elian's management team and key employees are re-investing £26 million of proceeds into Intertrust shares.
Commenting on the transaction, Paul Willing, CEO of Elian said: “Our combined service offering and network of offices globally will broaden and strengthen our capabilities to support our clients in all key international business locations. We know Intertrust shares our belief that our people are our most valuable asset. The opportunities for career development, as well as the leadership and international mobility programs will make our tie-up with Intertrust especially interesting for our employees. We are truly creating the global leader in our industry with this transaction – very exciting.”
The Ogier team included partners Matthew Shaxson and Raulin Amy in Jersey and Frances Watson in Guernsey.
Raulin Amy said: “It is great to see Elian go from strength to strength following the MBO nearly two years ago and this represents an exciting new chapter for them. Ogier is proud to be able to assist Elian once again.”