The Blackstone Group is bolstering its European business and financial services holdings with Dutch trust company Intertrust Group, having agreed to purchase it for a reported €675 million from Waterland Private Equity Investments.
Benelux-headquartered Waterland, which bought Intertrust for an undisclosed amount from Fortis Bank Nederland and Bank Generale Luxembourg in January 2010, declined to comment on the exit multiple achieved.
Blackstone was unavailable for comment at press time.
The deal is expected to complete in coming months after obtaining the necessary regulatory approval, according to a statement from Intertrust.
Intertrust has more than 1,100 staff in more than 20 countries and offers corporate, private wealth and fund services, according to the company’s website. As part of these services it implements commercial, legal, tax and administrative strategies to corporations and high net worth individuals.
In October Blackstone signalled its intent to invest in Europe’s banking and financial services sector by partnering with AnaCap Financial Partners. The joint venture will target businesses with enterprise values of no less than €300 million.