Mortgage Brain set to acquire TrigoldCrystal
Share
Mortgage Brain has agreed terms to acquire TrigoldCrystal in a deal which could total £9.9m.
A default offer of £6.8m has been made or an alternate offer of cash, loan notes and shares totalling around £9.9m. The TrigoldCrystal board has agreed unanimously and it will now be put to shareholders.
It is expected the deal will be concluded within the next three months.
The combined business will have revenues of over £11m, becoming the third largest technology provider in the market.
Mortgage Brain chief executive Mark Lofthouse (pictured) will remain as the chief executive of the combined business, with Jon Whitmore, Peter Birch, Patrick Shuker, and initially Martin Colyer, joining the board.
Lofthouse says: “This announcement is great news for everyone in the industry. The combination of the businesses means that we will be able to accelerate new product development, continuously provide improved products and services and ensure that the advantages of technology based solutions are, cost effectively, made available to all.
“It is very important that we continue to meet our customers’ requirements both in terms of future product investment and continued support of products that are relied upon every day. Additionally, the combined business will be better placed to meet future regulatory requirements.”
A notification will be made to the Office of Fair Trading for clearance.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
Readers' comments (1)
William Kingsley | 20 Dec 2010 10:49 am
I believe this move could be anti-competitive and should be looked at by the MMC.
Unsuitable or offensive? Report this comment