British private equity firm Bridgepoint is in exclusive talks to acquire the fiduciary and administration unit of Jersey-based Appleby Global for nearly £238m ($370m), Sky News reported.
According to the publication, the deal could be completed as soon as this week.
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The news comes just days before Chancellor George Osborne plans to announce a crackdown on what he has referred to as "aggressive tax planning" in his post-election budget.
"A person familiar with [Appleby] pointed out that it did not offer the sort of tax planning services which Mr Osborne is expected to target this week," the Sky report went on to point out.
Appleby’s fiduciary and administration unit focuses on creation of holding companies as well as special purpose vehicles.
In addition to Jersey, Appleby has offices in Guernsey, Bermuda, the British Virgin Islands, the Cayman Islands, Hong Kong, the Isle of Man, London, Mauritius, the Seychelles and Shanghai.
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