In addition, the meeting of assets under management (AUM) thresholds and growth milestones could trigger an additional consideration of €35m (approximately £29m).
PES — which has longstanding customer relationships in the UK, Ireland, Spain, Greece and Cyprus — provides end-to-end loan servicing and asset management across the residential and commercial sectors.
The acquisition will deliver immediate scale for Link Group’s banking and credit management (BCM) division and is expected to be completed in the second half of 2020, subject to regulatory approvals.
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Once completed, PES will integrate with Link Group’s BCM business.
Combined, the businesses will have around €130bn (approximately £109bn) of AUM and employ over 1,800 people.
“In 2019, we set our strategic vision to become the leading independent servicer in Europe with an expanding global footprint,” said Robbie Hughes, CEO of BCM at Link Group (pictured above).
“This transaction accelerates that vision and will see two high-quality businesses integrated to create a leading pan-European asset servicer and manager, with significant potential for growth in existing and new markets.”
Fraser Gemmell, CEO at PES, added: “We’re delighted to have completed this deal, which reflects very positively on the quality of the PES business and our team.”
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