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 Appleby’s 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 firm’s 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 Bermuda’s booming insurance-linked securities market.
Appleby could not be reached for comment last night.
Ditch gaming altogether, says Schuetz
Doctor aces exam after having baby
Retailers gear up for Black Friday rush
Wedding is the next top priority for Duffy
New OBA senator wants to ‘break the mould’
Judges concerned about delays in sentencing
Group criticises domestic partnerships plan
Kimathi lawyer pays price for poor conduct
Simmons defiant over gaming
‘Bermuda calling’ marketing ploy a big hit
Families tackle road deaths
Residents want quick fix of farm smells
Get fashionably fit? No sweat
New recipe for Codfish tale
Take Our Poll