IN BRIEF: XPS Pensions completes Austin Professional purchase

XPS Pensions Group PLC - Reading, England-based pension and insurance consulting and administration provider - Completes its acquisition of the trade and assets of Austin Professional Resourcing LLP, announced in late June. Says the transaction will further accelerate its diversification strategy into large tangential addressable markets, and its aim of becoming a market-leading financial services consulting and administration provider.

Announcing the acquisition agreement on June 26, XPS said it would pay £3.3 million in cash on completion, followed by another non-contingent sum of £3.0 million in cash on March 31 next year. A further up to £10.0 million will be payable in years two and three, subject to the achievement of "stretching business performance criteria". Paul Cuff, co-chief executive officer, said that following this deal, "XPS will have doubled our total addressable market to £6 billion plus in the space of less than two years, through strategic acquisitions and senior recruitment".

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