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Approval for £112m Target Group takeover

The £112m takeover of Chester-based financial services outsourcing and software provider Target Group can go ahead after it was granted approval by the Financial Conduct Authority (FCA).

The acquisition by Indian multinational Tech Mahindra from Pollen Street Capital was revealed in May 2016. The deal was subject to the approval of the regulator which has now been given.

Target Group offers business process outsourcing and develops software for retail and investment banks, insurers and finance brokers, enabling them to manage their accounts. Clients include Barclays, Credit Suisse and Santander.

It existing management team, led by co-group chief executives Ian Larkin and Bill Alley, will remain in place following the takeover to ensure continuity and acceleration of the current strategy. Read more