Capita Group scores hat trick of acquisitions

4th Aug 2011 10:45

Outsourcing giant Capita Group has agreed to acquire AIBJerseytrust (AIBJT) for £12.5m, on cash free and debt free basis, making it the third deal within the span of two weeks and the second purchase from AIB Group. Owned by the AIB Group, the Jersey-based AIBJT will be integrated into the Capita Fiduciary Group, the company said. On Tuesday, Capita announced it would acquire AIBIFS, the international financial services business of AIB. In July, the company bought the pensions administration and software business of NorthgateArinso. "The acquisition is a natural fit for Capita, in terms of our client base, client services and professional staff...The increased capacity will help ensure our continued growth in this sector and we expect the acquisition to bring clear benefits to both new and existing customers," chief executive officer Paul Pindar said.Capita said the deal is subject to approval by the Jersey Financial Services Commission and the Jersey Competition Regulatory Authority.Shares of the company fell 1.3% to 704p in morning trading in London.AR