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Arbuthnot Latham agrees to acquire Renaissance Asset Finance

Arbuthnot Banking Group Plc-owned Arbuthnot Latham & Co. Ltd. agreed to acquire 100% of U.K.-based Renaissance Asset Finance Ltd., subject to regulatory approval, according to a Dec. 20 press release.

The deal, expected to complete early in the second quarter of 2017, will involve four cash payments. The first amount will be paid upon completion and will equal the net assets of Renaissance Asset Finance at that time. The remaining three annual payments will depend on the business' profitability, with the maximum amount payable capped at £6.5 million.

The deal's consideration and the refinancing of the target's funding liabilities, approximately £66 million, will be funded from the group's cash resources.

Renaissance Asset Finance's net assets totaled £1.6 million Nov. 30. The company recorded a pretax profit of £2.4 million for the year ended June 30.