04 December 2020

Carey Olsen advises Grant Thornton on acquisition of Saffery Champness' audit business in Guernsey

Carey Olsen has acted as lead counsel to Grant Thornton Channel Islands on its acquisition of the Saffery Champness audit business in Guernsey.

The transaction, which sees six staff from Saffery Champness join Grant Thornton's Guernsey office, supports the company's continued growth strategy in the Channel Islands where it now employs 165 staff across Guernsey and Jersey.

Carey Olsen advised Grant Thornton on all aspects of the acquisition including drafting and negotiating the purchase documentation and dealing with the transfer of employees. The team was led by corporate partner Tony Lane and senior associate Arya Hashemi, with assistance from counsel Huw Thomas from the firm's employment team.

Tony said: "We are delighted to have assisted Grant Thornton on its latest acquisition in Guernsey, having also advised on the acquisition of the Price Bailey business in October last year. From a Carey Olsen perspective the transaction is another Guernsey matter we've been involved with recently that reflects the continued high levels of mergers and acquisitions activity amongst local trading businesses and, in particular, involving services providers in the finance sector."

Cyril Swale, head of office in Guernsey for Grant Thornton, commented: "Carey Olsen's corporate team has a proven track record in advising on domestic acquisitions and disposals of this nature, and we were confident in their ability to take the lead role on this strategic transaction. Their lawyers bring valuable M&A experience to the table."

The transaction will have no impact on the rest of the Saffery Champness business in Guernsey, nor the wider audit business of Saffery Champness in the UK.

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