22 March 2018
visit www.ebaday.com

Lloyds TSB sells Registrars unit to Advent International for £550m

21 May 2007  |  1876 views  |  0 Source: Lloyds TSB

Lloyds TSB has agreed the sale of the business and assets of Lloyds TSB Registrars to Advent International for a total cash consideration of £550 million, subject to completion and other adjustments.

Lloyds TSB Registrars contributed £32 million to Group profit after tax in 2006 and had gross assets of approximately £85 million as at 31 December 2006.

The transaction is expected to be completed in the second half of 2007 and is subject to regulatory approval. Subject to completion and other adjustments, it is expected that a profit before tax of circa £440 million (tax: nil) will be recognised in the income statement of Lloyds TSB Group for the year ending 31 December 2007.

Eric Daniels, Lloyds TSB Group Chief Executive, said: "Having conducted a strategic review of Lloyds TSB Registrars, we have concluded that a sale of the business at this time is in the best interest of the Group. We are pleased that Advent, who are fully committed to the future development and growth of the business, will be the new owners.!

James Brocklebank, director at Advent International, commented: "Lloyds TSB Registrars is a unique asset, whose outstanding customer relationships, established market-leadership positions, broad product offering and advanced technology provide an impressive platform for growth within financial services business process outsourcing. We recognised from the start the quality of the business and its staff. We're very much looking forward to backing the existing management team under David Winton, Managing Director."

Lehman Brothers acted as exclusive financial adviser to Lloyds TSB on this transaction.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit www.vasco.comwww.currencycloud.com

Top topics

Most viewed Most shared
hands typing furiouslyBitcoin at 50,000 USD?
13639 views 0 | 6 tweets | 4 linkedin
Can banks be a threat to Big Tech?Can banks be a threat to Big Tech?
11037 views comments | 32 tweets | 40 linkedin
BBVA tests 'invisible payments' technology at inhouse cafeBBVA tests 'invisible payments' technology...
10772 views comments | 14 tweets | 33 linkedin
RBS hatches plan to create digital challenger bankRBS hatches plan to create digital challen...
10486 views comments | 12 tweets | 23 linkedin
Barclays partners seven watch brands for contactless timepiecesBarclays partners seven watch brands for c...
9893 views comments | 14 tweets | 29 linkedin

Featured job

London, UK (or flexible)

Find your next job