RHJ International Announces Acquisition by Kleinwort Benson
Brussels – RHJ International (“RHJI”) announces today that Kleinwort Benson, its wholly owned financial services subsidiary, has agreed a deal to acquire Close Brothers Offshore Group (“COG”) for a cash consideration of £ 29.1 million (€ 34 million), subject to adjustments by reference to the net asset position of the business at the time of completion. The acquisition will be primarily financed through Kleinwort Benson.
The acquisition comprises COG’s private banking, fund administration, fund management, trust and asset management businesses across Guernsey, Jersey and the Isle of Man. It also includes COG’s wholly owned shared service centre in Cape Town. The purchase increases the size of Kleinwort Benson’s private wealth assets under management to approximately £7 billion.
RHJ International’s Chief Executive Officer, Leonhard Fischer, said:
”RHJI continues to develop Kleinwort Benson’s financial services offering to its clients by adding further scale and strength to its banking and fiduciary businesses. The purchase of Close Brothers Offshore Group will also strengthen Kleinwort Benson’s banking proposition both in terms of liquidity and capital base.”
The completion of the transaction is subject to approval by the relevant regulatory bodies and is expected to be completed by the end of July.
About RHJ International:
RHJ International (Euronext: RHJI) is a limited liability company incorporated under the laws of Belgium, having its registered office at Avenue Louise 326, 1050 Brussels, Belgium. RHJI is transforming itself from a diversified industrial holding company into an active and dynamic financial services group. For further information visit: www.rhji.com.
This press release contains certain forward-looking statements concerning the Company’s operations, economic performance and financial condition. Such forward-looking statements are based on management’s current expectations, estimates and projections and are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company has no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release.
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