Tax consultancy in The Netherlands is seemingly on the upswing in view of a greater number of corporates seeking to establish their European holding companies in the EU member country because of its many bilateral tax agreements with other nations to prevent double taxation. Against this backdrop, U.S. private equity firm Blackstone Group LP has decided to buy Dutch tax consultancy Intertrust from Dutch private equity firm Waterland for a reported $883 million (675 million euros).
The deal is expected to be complete in the next few months following due regulatory approvals. There is no public statement available yet on the financial details of the transaction.
Commenting on the deal, David de Buck, CEO, Intertrust Group, said in a release posted on the company's website, "Blackstone is one of the largest private equity firms in the world with investments spanning a wide range of industries and continents in businesses large and small. The firm's strong track record and continuous commitment to achieving the best long-term outcomes for businesses and investors will prove extremely valuable to Intertrust."
"Many opportunities for expansion of our service offering are foreseen, but first and foremost, our focus remains on continuing to deliver the highest quality services to you and your clients, while always striving to exceed your expectations, as we have done for over 60 years," he added.
Reports say that Blackstone's acquisition of Intertrust -- which aims to help companies avoid high taxes, comes amid growing debate particularly in Britain over the tax arrangements of large international companies. The British government has recently leveled criticisms against several global companies for not paying more corporate tax in the UK.
For the record, Waterland had bought Intertrust in 2009.
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