AMSTERDAM Dec 5 U.S. private equity firm
Blackstone Group LP has agreed to buy Dutch tax
consultancy Intertrust for a reported 675 million euros ($883
Blackstone agreed to buy Intertrust from Dutch private
equity firm Waterland in a deal expected to close in coming
months after obtaining regulatory approvals, Intertrust said on
its web site, confirming what bankers had previously told
Reuters Loan Pricing Corp (RLPC).
No financial details were given but Dutch daily Het
Financieele Dagblad estimated Blackstone paid about 675 million
euros, citing market talk of a price of about nine times
Intertrust's gross operating profit.
The 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
British lawmakers last month criticised executives of
Starbucks, Google and Amazon for not
paying more corporate tax.
The Netherlands is a popular location for companies to
establish European holding companies to reduce tax payments
because it has many bilateral tax agreements with other nations
to prevent double taxation.
Such deals can allow a company to pay tax in a country with
a low corporate tax rate, such as Ireland or Bermuda, rather
than in the Netherlands or any other country in which it
Intertrust's gross operating profit is about 75 million
euros, the Dutch newspaper said on Wednesday.
Waterland, which could not immediately comment, bought
Intertrust in 2009 for 210 million euros, the paper said.
Intertrust declined to comment, while no-one at Blackstone
in London was immediately available to comment.