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PraxisIFM Group and Oak Group have announced that negotiations are underway to combine their global businesses.
The combined group, whose name has yet to be announced, would have offices in 17 jurisdictions and a headcount of more than 700 people.
Upon completion of the deal, for which Heads of Terms have been entered into, senior leaders from both businesses will form the new combined management team and be headquartered in Guernsey.
“We believe that this deal will create a truly significant independent financial services group," PraxisIFM’s CEO, Robert Fearis, said.
He added that he believed firms would complement each other, noting that they "share the same culture, values and ambitions".
“Increasingly our industry is catering to private and corporate clients with an international footprint and the joint business will enable us to offer them the global services they need through a single, personalised relationship," Oak CEO Stuart Platt-Ransom added.
“The objective of the combined business will be to continue its development into a world- class operation with strong operational and leading people strategies.”
The proposed deal is subject to negotiation, due diligence, regulatory and shareholder approvals.
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