Inflexion Private Equity has agreed to acquire Estera, a fund administrator spun out of law firm Appleby, from Bridgepoint.

The deal, whose financial terms were not revealed, is pending regulatory approval.

Upon deal completion, Estera will be merged with Inflexion unit, Ocorian.

The consolidated group will have a reach in 18 markets including Bermuda, Cayman, Guernsey, Ireland, Jersey, Luxembourg, and Mauritius.

It will have a client base of over 8,000 and employ more than 1,250 professionals.

The transaction is said to be mutually beneficial, enabling the two parties to benefit from each other’s presence in different markets.

Through the acquisition, Ocorian will gain access to the North American markets of Bermuda, BVI, and Cayman that are serviced by Estera.

On the other hand, the deal will provide Estera access to the Middle East and African markets where Ocorian operates.

Estera CEO Farah Ballands believes that the transaction will enable the firm to grow further.

Inflexion managing partner Simon Turner said: “Since carving out Ocorian from Bedell Cristin in September 2016, the business has successfully completed four acquisitions, significantly diversifying its client offering geographically.

“The combination of Ocorian and Estera is truly transformational, creating a global, market leading business of significant scale and we look forward to partnering with both teams to accelerate the growth of the joint business.”