Global corporate service provider Vistra has entered into a definitive agreement to acquire the corporate services business of Deutsche Bank’s Global Transaction Banking division.
The corporate services business provides management and administration of SPVs and asset holding companies to banks, non-bank financial institutions and corporates. It specialises in the administration of structures for: structured finance transactions; aircraft leasing; commercial real estate holding; and investment funds (mainly private equity and real estate).
Operating in the United Kingdom, Ireland, Luxembourg, the Netherlands, Jersey, Mauritius, Cayman Islands and the US, the business employs 139 staff globally.
The transaction, which is subject to regulatory approvals and is expected to close in the first half of 2018, will help Vistra continue on its progressive growth trajectory. The acquisition strengthens Vistra’s international network and provides further scale and expertise for existing jurisdictions.
All of Deutsche Bank’s Corporate Services staff will be given the opportunity to join the combined operation to support and grow the client relationships that are at the core of this acquisition. Terms of the agreement are not being disclosed.
Commenting on the acquisition, Onno Bouwmeister, Vistra’s Group Managing Director of Alternative Investments division stated: “This acquisition marks another significant step in Vistra’s growth, broadening our presence in seven of our existing locations across Europe, the Cayman Islands and Mauritius. It gives us presence in Ireland, a key strategic jurisdiction particularly in light of the upcoming ‘Brexit’ process, and additional capability in Mauritius where the bulk of the back-office administrative activity is carried out to high quality standards.”