Appleby unit in possible $370m deal – report
A London-based private-equity group is reportedly in talks to buy a unit of law firm Appleby.
Sky News in the UK reported that Bridgepoint is seeking to take over Applebyís Fiduciary and Administration business, part of which is based in Bermuda.
Insiders say the deal, reportedly worth around $370 million, could be agreed by as soon as this week, according to Sky.
Appleby specialises in offshore services for corporations and wealthy individuals and has operations in the Cayman Islands, Jersey, Guernsey, the British Virgin Islands, Hong Kong, Shanghai, London, Mauritius, the Seychelles and the Isle of Man.
Neither Appleby, nor Bridgepoint were willing to comment to Sky News.
In Bermuda, the unit Bridgeport is seeking to buy comprises Appleby Services (Bermuda) Ltd, Appleby Management (Bermuda) Ltd and Appleby Securities Ltd, according to the firmís website.
Between them these divisions offer corporate administration services, private client and trust business, back-office services for Bermuda-registered companies and trusts, and Bermuda Stock Exchange listing services.
The unit is also a significant player in Bermudaís booming insurance-linked securities market.
Appleby could not be reached for comment last night.
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