KPMG Advises On Butterfield’s Legis Acquisition
Butterfield’s acquisition of Legis Group’s Guernsey-based trust and corporate services business was supported by KPMG Advisory teams in Bermuda and Guernsey.
KPMG Advisory provided corporate finance and due diligence services to Butterfield, leveraging KPMG’s global network and local presence to “full effect.”
Charles Thresh, Managing Director of KPMG Advisory Bermuda, said, “We were delighted to be asked by Butterfield to advise on the Legis transaction and it is very satisfying to see it complete.”
Ashley Paxton, Head of Advisory for KPMG Advisory in the Channel Islands, added, “Our Bermuda and Guernsey teams were able to work with their Butterfield counterparts and our relationship with the target proved very useful in all aspects of the deal.”
Bob Moore, Executive Vice President and Head of Group Trust at Butterfield, said, “We were very grateful for the support provided by our professional advisers on our acquisition of Legis’ Guernsey trust and corporate administration business.
“This included both KPMG in Bermuda, who were particularly involved in respect of valuation analysis and corporate finance work, and KPMG in Guernsey, who undertook certain aspects of the due diligence required in respect of the transaction.”
A spokesperson for Legis said, “The Bank of N.T. Butterfield & Son Limited has announced that it has completed the acquisition of Legis Group’s Guernsey-based trust and corporate services business. The acquisition was agreed in principle with Legis Group Holdings Limited in January, subject to contract discussions as well as regulatory and other approvals which have now been obtained.
“The integration of the business will further strengthen Butterfield’s ability to meet the requirements of international families for complex, high-end fiduciary structures and widens Butterfield’s range of corporate and institutional trust services.”
Bob Moore added, “The acquisition of Legis Group’s Guernsey trust operation adds further scale to Butterfield’s international trust business. It will enhance the strong technical capabilities that already exist within our Group’s separately incorporated Trust companies in Bermuda, the Cayman Islands, Guernsey, New Zealand, Switzerland, and the Bahamas by increasing our team of experienced trust professionals to build on the high quality service we offer.
“Within our multi-jurisdictional range, Butterfield Trust [Guernsey] Limited, incorporating Legis Trust, will be one of the leading fiduciary services providers in the Channel Islands. We are very pleased to welcome the Legis Trust team and their clients to Butterfield.”
