Early bids valued the tax administration and structuring business close to seven times of EBITDA
Fortis Bank Nederland (FBN) has agreed to sell its tax administration and structuring business, Fortis Intertrust to Waterland, a Dutch private equity house – reported Financial Times.
This is expected to be a big relief to the Dutch government, as the administration and structuring business was primarily involved in assissting firms and wealthy individuals to pay as minimum tax as possible, using offshore vehicles, reported the newspaper.
It has been reported that early bids valued the company close to seven times of EBITDA. But several private equity groups had withdrawn from bidding due to concerns over the impact of growing assault on companies and tax havens from US and European governments.
However, Lex Douze, principal at Waterland, said: We have a strong belief in the ongoing potential of the trust industry. The private equity group will seek to strengthen Intertrust’s position through organic growth and add-on acquisitions, quoted the newspaper.