The London office of Locke Lord advised client The Bank of N.T. Butterfield & Son Limited (Butterfield) in its recently completed acquisition of Legis Group’s Guernsey-based trust and corporate services business.
The acquisition was agreed in principle with Legis Group Holdings Limited (Legis Group) in January, subject to contract discussions as well as regulatory and other approvals which have now been obtained.
Locke Lord advised on the structuring, negotiation and drafting of the share purchase agreement which was governed by English law. As part of the structuring of the transaction, the Legis employees that were involved in the business, but employed by entities outside the acquired Legis subsidiaries, entered into employment contracts with Butterfield on completion of the transaction. Locke Lord also advised on a number of ancillary agreements.
Locke Lord London Partner James Channo advised Butterfield. Ogier advised Butterfield on Guernsey related matters.
The integration of the business will further strengthen Butterfield’s ability to meet the requirements of international families for complex, high-end fiduciary structures and widens Butterfield’s range of corporate and institutional trust services.
Posted April 23, 2014.