Wealth management services group JTC acquired Luxembourg-based Exequtive Partners for up to â¬34m in a bid to bolster its presence in Luxembourg.

As well as expanding JTC's market presence in Luxembourg, the acquisition 'builds on its corporate services capabilities, complements its funds offering and creates greater opportunities for future growth in the jurisdiction,' the company said.

Under the terms of the deal, JTC paid an initial consideration of â¬25m, and agreed to pay an earn-out in 70% cash and 30% shares during 2020 based on EP's performance on a sliding scale against Revenue and EBITDA targets for the year ended 31 December 2019.

The total consideration payable would be capped at â¬34m, the company said. In the year ended 31 December 2018, EP made a profit of â¬61k, an adjusted earnings (EBITDA) of â¬2.5m and had gross assets of â¬1.9m.

JTC expected the transaction to be immediately earnings enhancing.

Exequtive Partners was acquired from Primitivo SARL, De Gorzen SARL, Tika Holdings SARL, Pimpiri SARL and Stichting Administratiekantoor Employee Benefit Jomaroma, which primarily represented the principals of the company, who would all join JTC with immediate effect.

At 9:38am: (LON:JTC) JTC PLC share price was -1p at 298p