Waystone, the Ireland-based administrator, has moved closer to the completion of its proposed acquisition of the Irish and UK businesses of Link Fund Solutions. Certain contractual conditions have been satisfied, with counterparties to LFS contracts, representing the threshold majority of revenue, now agreeing to those contracts being transferred to Waystone on completion of the sale. Full satisfaction of this condition, and completion of the acquisition, remains subject to receipt of certain regulatory approvals in the UK and Ireland, as well as the completion of other administrative formalities. Clearance from the Competition and Consumer Protection Commission of Ireland in respect of the transaction has also been received. Waystone expects deal completion to take place in October 2023.
The acquisition of LFS is set to significantly broaden Waystone’s UK and Irish offerings to include alternative administration. It will add >USD190bn in assets under oversight and administration, and some 600 staff globally, including the establishment of the group’s first office in India, where it will have approximately 150 employees on completion of the sale.