UK’s liberalisation of legal services under its “Tesco Law” has seen an equity group take a stake in the adminstrative services arm of an offshore law firm, Ogier.
Last week insurers Direct Line and accountancy group PwC won licences to provide legal services. The Ogier deal sees it separate its adminstrative arm to the listed private equity group Electra Partners.
The Telegraph report that the deal for the law firm’s services arm, which has 10 offices across the Cayman Islands, London, Jersey, the British Virgin Islands and Guernsey, is thought to have an enterprise value of around £180m.
The deal permits the offshore business to take advantage of the growing need from emerging markets for advice on changing and complex regulation.
OFS was established in 1998 to provide trust, fund and company administration services to companies, private clients and investment firms.