Link Administration entered into an agreement with LC Financial Holdings Limited

Link Administration Holdings Limited (ASX: LNK) announced that it has entered into a Share Purchase Agreement with LC Financial Holdings Limited for the sale of its Banking & Credit Management business for cash consideration of up to approx. AU$48 million.  Under the agreement, the company will get €20 million cash consideration at completion and deferred cash consideration of €5 million payable within 12 months of completion; and a cash earn out of €5 million subject to BCM meeting certain financial targets by the second anniversary of completion.

The acquisition is anticipated to complete in the second half of CY2023 subject to various approval from Financial Conduct Authority, Central Bank of Ireland and the Dutch Authority. The company’s liquidity position remains strong, and the sale proceeds will be used to pay down debt. After the completion of the sale of its BCM business, Link Group’s pro-forma leverage ratio will remain in the guidance range of 2x to 3x, consistent with Link Group’s target capital structure.

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