Mutual Risk Management Ltd. announced that it has signed a definitive agreement with The BISYS Group Inc. for the sale of its fund administration business, Hemisphere Management Ltd. Pursuant to the agreement the Company expects to receive cash proceeds from the sale of approximately $110 million and to report a gain on the sale of approximately $100 million after-tax.
T
he proceeds of the sale will be used to repay indebtedness and the Company’s banks and debenture holders have approved the transaction.
Mutual Risk also announced it has retained Greenhill & Co., LLC, an independent global merchant banking firm, to assist in developing a restructuring of its balance sheet.
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