Amsterdam – February 1, 2017 – Intertrust N.V. (“Intertrust” or “the Company”) [ticker symbol INTER], the leading global provider of high-value trust, fund and corporate services, has acquired the remaining 25% stake in Intertrust Management Spain, S.L. (formerly known as Structured Finance Management (Spain), S.L. (“SFM Spain”) together with the affiliated professional services activities of Azcona y Asociados de Consultoría Tributaria, Jurídica y Contable, S.L., (“Azcona”).
Intertrust acquired a 75% stake in SFM Spain as part of the acquisition of Elian on September 23, 2016. The remaining 25% of SFM Spain was held by Azcona, a local Spanish competitor that specialises in the provision of corporate secretarial, accounting and tax compliance services. Under the joint venture agreement with Azcona, all clients of SFM Spain were serviced by Azcona. SFM Spain provides capital markets services to leading financial institutions and alternative investment funds active in Spain.
The transaction strengthens Intertrust’s position in Spain, making it a leading independent provider of capital markets, funds and corporate services. All Azcona staff members have transferred to the Intertrust team, thereby more than doubling the headcount of the Madrid office to a total of 63 employees. The Intertrust and Azcona teams will co-locate in new premises during the course of 2017.
The increased scale of the combined office strengthens Intertrust’s client service capabilities and broadens its career opportunities for employees.
The terms of the transaction are not disclosed. The transaction does not have a material impact on the Company’s financial position or results.