Paragon Groupof Cos. Plc said Oct. 3 that Paragon Bank Plc's asset finance division, Paragon BankAsset Finance Ltd., will acquire 100% of asset finance brokerage Premier AssetFinance Ltd.
The initial consideration for the transaction is £8.5million in cash, while a further £12 million is payable over the following fiveyears, subject to performance conditions. The consideration will come from Paragon'sexisting cash resources.
Paragon has already received regulatory approval for thetransaction.
Premier Asset Finance is headquartered in Edinburgh andsources more than £100 million of lending per year to a range of small andmedium-sized enterprises.