Computershare to acquire HBOS EES
Computershare Limited (CPU) said it has agreed terms for the acquisition of UK based employee share plans provider HBOS Employee Equity Solutions from Lloyds Banking Group for GBP 40 million. The Australian transfer agency and share registration company said the acquisition was expected to be completed in December 2009, subject to regulatory approval.
Computershare said HBOS EES has revenue of about GBP 25 million and provides services in over 100 countries for over 400 clients, covering around 1 million employee shareholders.
The company said the acquisition would be funded by cash and existing debt facilities and is expected to be EPS positive in FY11 and increasingly accretive thereafter.
Computershare’s president and CEO, Stuart Crosby, said the company was confident that its new clients would experience enhanced service.
The company said Martyn Drake, managing director of Computershare’s UK Employee Share Plan business, would manage the integration of HBOS EES.
At the close of trade Monday, Computershare shares were trading at $10.89.
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