Offshore firm Ogier has been split up in a management buyout deal worth up to £180m.
The Jersey-based Ogier Group has agreed terms to sell its financial services division in a deal closed over the weekend.
The buy-out is backed by private equity fund manager Electra Partners, which has agreed to invest £83m of equity.
Nick Kershaw, chief executive of the Ogier Group, said: ‘Ogier Fiduciary Services is now at the stage where an MBO [management buyout] makes perfect sense given the additional investment needed to achieve its significant growth plans.
‘This transaction is one of the largest and most significant within the offshore world and I believe that Electra will be an excellent partner for Ogier Fiduciary Services; together they will continue to deliver impressive growth.’
Ogier Legal, which has 192 lawyers of whom 41 are partners, will be led by Kershaw as chief executive and supported by the company’s legal executive board.
Kershaw added: ‘With 350 employees in eight jurisdictions Ogier Legal is extremely well placed to provide multi-jurisdictional legal advice across all time zones.
‘Along with a substantive presence in British Virgin Islands, Cayman, Guernsey and Jersey we have a strong footprint in Asia with our offices in Hong Kong, Shanghai and Tokyo and our Luxembourg office is going from strength to strength.’
Although the legal and financial services businesses are splitting, they will continue to share premises and facilities.
On its website, Ogier says it has long-established relationships with many of the world’s leading international financial institutions, professional advisers and regulatory bodies. The firm is instructed by 23 of the top 25 global law firms and acts for 21 of the top 25 global banks.