Financial services group IFG has agreed to buy Jersey-based company Langtry Trust in a deal which could be worth up to €16m in cash.
Langtry Trust provides trust and company establishment and management services to private customers, mainly from the UK and continental Europe.
Its income comes from annual administration charges which it charges for maintaining and operating the companies and trusts.
IFG will pay an initial €5m, with further payments dependent on Langtry Trust's turnover over the next two years. The Jersey company made profits of just under £1.3m on turnover of £3.2m in the year to the end of March.
The deal is subject to approval by IFG shareholders at an EGM on December 18.
IFG has also placed just over four million shares at a price of €1.92 per share to raise just under €8m.
Shares in IFG closed unchanged at €2.05 in Dublin this evening.
