Jersey-based financial services provider Ocorian has entered into a definitive agreement to purchase ABAX, an integrated advisory, corporate and business services provider based in Mauritius.
The acquisition will extend Ocorian’s operations into Africa, Asia and the Middle East and increase its international team to more than 700 staff, including ABAX staff based in Côte d'Ivoire, Dubai, Mauritius, Singapore and South Africa.
ABAX will in turn have access a wider range of alternative investment, corporate and private client services across onshore and offshore locations in Europe and North America, including Jersey and Guernsey, Cayman Islands, Ireland, Luxembourg, Netherlands, Singapore, the UK and the US.
Expected to close before the end of March, all 275 staff currently employed by ABAX will join Ocorian.
Financial terms of the transaction have not been disclosed.