LONDON--Business process outsourcing firm Xchanging PLC (XCH.LN) Wednesday said Allianz Global Investors Europe GmbH--or AllianzGI--exercised a put option giving Xchanging 100% ownership of German account administration business Fondsdepot Bank GmbH.

Xchanging said it's paying AllianzGI 13.6 million euros ($18.2 million) in cash, the amount agreed when the FdB joint venture was created. The money will be drawn from Xchanging's revolving credit facility.

FdB will make a further one-off cash payment of EUR4 million into a trust to pay pension entitlements owed to employees.

Xchanging shares at 0810 GMT up 3 pence or 1.7%.

Write to Ed Ballard at ed.ballard@wsj.com

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