Simmons & Simmons is advising new listed client, Sanne Group plc, the specialist provider of outsourced corporate, fund and private client administration, reporting and fiduciary services, in connection with its proposed acquisition ("Acquisition") of IFS, a leading Mauritian-based provider of fund and corporate administration services, for a total consideration of approximately US$127.3 million (£101.9 million).

The consideration for the Acquisition will be satisfied through a cash payment of approximately US$91.1 million (£72.9 million) which will be financed through the proceeds of a firm placing and placing and open offer to raise approximately £90.1 million (net of expenses) (the "Capital Raising"), and the issue of approximately 5.8 million consideration shares. The Capital Raising, which has been underwritten by Investec, comprises the issue at 490 pence per share of 19,286,860 new ordinary shares, representing approximately 14.3% of Sanne’s enlarged issued share capital following completion of the Capital Raising.

The Acquisition constitutes a class 1 acquisition by Sanne under the UK Listing Rules and therefore is subject to shareholder approval. Applications will be made for the new ordinary shares to be issued pursuant to the Capital Raising and the Acquisition to be admitted to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange’s main market for listed securities.

Simmons & Simmons is advising new client Sanne on the Capital Raising, and on UK Listing Rules and English law aspects of the Acquisition.

Corporate partner, Colin Bole, commented: “We are delighted to welcome Sanne as a new client of Simmons & Simmons. We have thoroughly enjoyed working with Sanne’s executive team on this transaction, helping them take a further step towards realising their ambition of building a leading, global business.”

Andrew Goodyear, Director Strategy and Change at Sanne, commented: “Colin and the team at Simmons & Simmons supported us at every stage of the transaction, providing high quality, responsive and practical advice and working seamlessly with the executive team at Sanne and our other advisers to deliver the transaction.”

Corporate Partner, Colin Bole is leading the Simmons & Simmons team advising Sanne, assisted by senior associates Tim Wass and Steph Featherstone, associates Katie O’Mahoney and Haya Aftab, US securities laws partner Charles Hawes and US senior associate Jim McInerney and tax partner Nick Cronkshaw and senior associate Zoe Arnautov.