CSC Completes $2 Billion Acquisition of Intertrust

CSC, a business registration and services company headquartered outside Wilmington, has completed its acquisition of Dutch company Intertrust. This is the largest deal in the history of private enterprise. | | DBT photo by Jacob Owens

Wilmington – CSCMoreA leading global provider of business, legal, tax and digital branded services, acquired a Dutch competitor for more than $2 billion, marking a record deal in the company’s history.

Privately held CSC, headquartered in Little Falls, just west of Wilmington, doubles global workforce with acquisition of Intertrust Group, a publicly traded global provider of technology funds and corporate solutions That’s it.

Founded in 1899 as corporate service companythe company now known CSCMore We have 3,000 employees in 13 countries around the world, nearly half of which are based in Delaware. The combined company now has 7,500 employees in over 140 jurisdictions, creating a truly global workforce with someone on the hour each in the Americas, Europe, Middle East and Asia .

Since 2002, CSC has made over 25 acquisitions. Regional provider It helped build that product and footprint. As a privately held company, CSC rarely discloses acquisition prices for companies, but Intertrust is the most expensive deal in the company’s history, surpassing rival Prentice Hall’s 1994 deal. may have exceeded.

Intertrust is a 70 year old company based in Amsterdam. shopping for buyers There was immediate interest last year. His British private equity firm CVC Capital Partners offered him a $1.83 billion deal, but it was then outbid by other firms, including CSC. The Delaware-based company was considering various merger and acquisition targets last year, and Intertrust was at the top of that list, according to CSC chief financial officer EJ Dealy.

“Having worked with the people who run the Intertrust team over the years, we felt like a pretty good fit from a cultural standpoint,” he says of Delaware Business. told the Times.

Ultimately, Intertrust reached a deal with CSC at €20 per share, valued at approximately $2 billion. Nearly a year after gaining regulatory approvals around the world, the company closed the transaction on Monday, creating a company that can better compete with Corporation Trust Co., the largest provider in the registered agent industry. did. Owned by Dutch giant Walters Kluwer.

“This acquisition brings together the complementary expertise, capabilities and geographic reach of CSC and Intertrust Group to better serve our clients’ global business management and compliance needs. “We are creating an integrated organization capable of delivering the industry-leading service our clients have come to expect, as evidenced by our Net Promoter Score.” ”

The Dutch company has grown over the last decade and the Blackstone Group got The then-private Intertrust reported $883 million in 2013, or about $1 billion in today’s value. Publicly known clients include FIFA, New York-based multinational investment bank Morgan Stanley, his GSO Capital Partners, the credit investment arm of Blackstone, and his manager of Oman Investment Fund Assets. His Rakiza, New York fashion and his brand Tory Burch.

“We have always been impressed with CSC’s customer-centric reputation. We are confident that the market will benefit greatly from the combination of the two companies.

Deeley told the Delaware Business Times that Intertrust is targeted by CSC because of the complementary nature and diversity of its services, including its strength in corporate services and its expanded fund and capital markets administration. rice field. It also had strong connections in the European and Asia-Pacific markets, where CSC was still active.

“Our main business outside of the United States is really about digital branded services, and recently we have expanded a segment similar to Intertrust, along with capital markets management and fund management. It’s relatively small in the market, so there’s not much overlap.

Having local associates and offices helps the company understand local markets and government regulations. This is especially important when dealing with large multinational companies located around the world. Three of Intertrust’s largest offices are located in the Netherlands, Luxembourg and the Cayman Islands.

CSC has no plans to expand its Wilmington workforce to support a large acquisition, but Intertrust is adding to its 12-year-old workforce. office Located in the Bellevue Park Corporate Center north of Wilmington. Dealy said these growth plans are likely to continue, and Intertrust will continue to use its name and brand as a subsidiary of CSC, at least for the foreseeable future.