Blackstone buys Intertrust for €675m

The purchase price was estimated by the Dutch daily Het Financieele Dagblad and amounts to almost 9x net sales, which stand at €75m. The deal remains subject to approval by the relevant regulatory authorities.

Blackstone had been bidding for Intertrust alongside Cinven and Pamplona, as well as Carlyle and Goldman Sachs Private Equity, which dropped out of the race earlier.

Intertrust's current liabilities amount to €250m. A debt package for the deal was expected to be worth €400-500m during the bidding process.

Waterland bought the company in September 2009, when it traded under Fortis Intertrust Group Holdings. Fortis provided debt for the transaction. The business was previously held by Fortis Bank Netherlands and Banque Générale du Luxembourg

Company
Intertrust is a Geneva-based business services company focused on trust and corporate services, including fund services, asset planning and business advisory services. The company employs 1,000 people in 20 countries worldwide.

People
David de Buck is CEO of Intertrust.

Advisers
Equity - Simpson, Thatcher & Bartlett (Legal); Stibbe (Legal); Leonardo & Co (M&A).
Vendor - De Brauw Blackstone Westbroek, Arne Grimme (Legal); ING, Robert Ruiter (Corporate finance).
Company - Simmons & Simmons, Leo Verhoeff (Legal).

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