Dublin-based LC Financial makes €65m bid for Link business

The proposal includes an upfront payment of €50m and deferred payment of €15m

Link has granted due diligence to both parties

Link has granted due diligence to both parties

 

Dublin-headquartered LC Financial Holdings has made an unsolicited AUS$101.2 million (€65 million) bid to acquire Link Administration Group’s banking and credit management business.

The proposal include an upfront payment of €50 million plus a deferred payment of €15 million payable upon certain targets being met.

Headquartered in New South Wales, Link Group is an IT service management company that earlier pulled out of a deal to buy Pepper’s Irish business. The deal, which was first announced in January 2020 and was at parent level, would have seen Link acquire Pepper European Servicing (PES), which includes Pepper’s Irish business, in a transaction worth up to €200 million.

Pepper last week made a €55 million bid for Link’s banking and credit business.

Link, which is itself considering a new $2 billion takeover bid from Carlyle Group, said it has granted due diligence to both parties.

LC Financial, is the parent of three businesses, including alternative investment management firm LCM Partners and specialist outsourcing company Link Financial Group.

Link manages over €50 billion in assets under management across five million customers, and employs more than 950 people in 12 European offices.