LONDON (ShareCast) - (Sharecast News) - JTC has acquired Amsterdam-based corporate and related fiduciary services group Van Doorn from International Capital for a maximum consideration of €21.5m.
JTC revealed the consideration was made up of an initial payment of roughly €16m, of which 69% will be paid in cash, while the remaining 31% will be satisfied by way of the issue of new shares in the firm.

If payable, the earn-out, based on Van Doorn's performance in the year ended 31 December, would be paid in cash during 2019.

JTC said the share consideration would be calculated against its five-day weighted average closing share price on the date of application.

In the year ended 31 December 2017, Van Doorn turned in an EBITDA of €1.2m and had gross assets of €800,000. The firm is expected to report a normalised EBITDA of roughly €2.4m in 2018.

JTC expects the transaction to be immediately earnings enhancing and to complete, subject to regulatory approvals, in or around October 2018.

Nigel Le Quesne, JTC's chief executive, said, "Van Doorn is a high-quality, fast-growing business that is an ideal bolt-on to our Institutional Client Services division and which strengthens and enlarges our Netherlands platform."

As of 1200 BST, JTC shares had slipped 2.94% to 363p.

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