Ocorian has announced it has entered into a definitive agreement to purchase ABAX, an integrated advisory, corporate and business services provider based in Mauritius, for an undisclosed sum.
The acquisition will extend Ocorian’s service range and delivery capability into Africa, Asia and the Middle East and swell its international team to over 700 staff – including additional representation in Côte d'Ivoire, Dubai, Mauritius, Singapore and South Africa.
In turn, ABAX clients will be able to access a wider range of specialist alternative investment, corporate and private client services, across both onshore and offshore locations in Europe and North America, including: Channel Islands (Jersey and Guernsey), Cayman Islands, Ireland, Luxembourg, Netherlands, Singapore, UK and the USA.
Expected to close before the end of March 2018, the transaction marks the next stage of Ocorian's international growth strategy, following the management buyout and successful rebrand of Bedell Trust in 2016. All 275 staff currently employed by ABAX will join Ocorian.
Commenting on the acquisition Nick Cawley, CEO of Ocorian, said: “This transaction reflects the sustained expansion and diversification of Ocorian's newly defined business and our commitment to growth in leading jurisdictions. It will further strengthen our position as a leading global financial services provider and give enhanced range and scope across both Africa and Asia.”
Richard Arlove, CEO of ABAX added: “Our priority for this transaction was to find a partner that would truly help us to realise our growth ambitions of being a leading provider of integrated advisory, corporate and business services for Africa while consolidating our offering for Asia. This transaction allows us to create further value for clients through synergies with an increased number of international jurisdictions, particularly within Europe and North America.”
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