JTC set to acquire Buck Share Plans from Gallagher

19th Aug 2024 11:20

(Sharecast News) - Professional services firm JTC announced its proposed acquisition of the Buck UK and European Share Plan Administration and Trustee Businesses on Monday, from Arthur J Gallagher & Co.

The FTSE 250 company said the move was set to bolster its Employer Solutions division by expanding its capabilities and client base.

It said the Buck Share Plans, operating in the UK, Guernsey, and Germany, provide fully-outsourced administration and trustee services for a range of employee share plans.

The acquisition would enhance JTC's existing share plan trustee and administration services, the board said, bringing with it a portfolio of high-quality, long-standing blue-chip clients and a team of 16 experienced professionals.

It said the acquisition was expected to accelerate the growth of JTC's Employer Solutions platform, which already served more than 500 corporate clients globally.

The newly-acquired businesses would be integrated into JTC's established platform.

JTC said the transaction would be subject to regulatory approvals and other closing conditions.

"This acquisition is exciting for us as share plan services are closely aligned with our own shared ownership philosophy, which has been at the heart of JTC's culture since 1998," said chief executive officer Nigel Le Quesne.

"We believe that our passion for shared ownership, combined with the 25-year track record of our Employer Solutions business, continues to cement our position as a market leader.

"The JTC Employer Solutions business continues to grow strongly, and we are pleased to be able to further expand our employee share plan offering."

At 1111 BST, shares in JTC were up 1.15% at 1,054p.

Reporting by Josh White for Sharecast.com.