Xchanging Takes Full Ownership of Fondsdepot as AllianzGI Exercises Put
30 July 2014 - 6:47PM
Dow Jones News
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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