Private wealth services group JTC said Friday it had entered into a conditional agreement to acquire Van Doorn from International Capital Group B.V. for total up to â¬21.5m.

Van Doorn is a fast-growing, specialist provider of corporate and related fiduciary services based in Amsterdam, the Netherlands.

Under the terms of the deal, the initial payment is expected to be circa â¬16 consisting of 69% in cash 31% in shares. The earn-out would be paid in cash during 2019 and be based on Van Doorn's performance in the year ended 31 December 2018, with the total value of the acquisition capped at â¬21.5m.

In the year ended 31 December 2017, Van Doorn made EBITDA of â¬1.2m and had gross assets of â¬0.8m and is expected to report a normalised EBITDA to 31 December 2018 of circa â¬2.4m.

JTC said it expected the transaction to be immediately earnings enhancing and to be completed around October 2018.


At 9:51am: (LON:JTC) JTC PLC share price was -5.5p at 368.5p