NCC Group Plc, an international provider of escrow services, assurance testing and consultancy services, has acquired the remaining 76 per cent interest in Escrow Europe Switzerland, a Zurich-based franchise operation of Escrow Europe.

NCC Group Plc, an international provider of escrow services, assurance testing and consultancy services, has acquired the remaining 76 per cent interest in Escrow Europe Switzerland, a Zurich-based franchise operation of Escrow Europe, for up to CHF900,000 (£500,000) in cash. The group acquired the initial 24 per cent stake in January 2008.  

The transaction will bump up the group’s share of the European escrow market and will be managed by the Amsterdam-based group’s Escrow Europe division. The consideration was made from NCC’s cash pool and includes a performance-related payment scheduled to be paid in February 2010.

NCC expects this subsidiary to generate revenues of some CHF275,000 in its first 12 months of ownership. The new business will trade as ‘Escrow Europe Switzerland, an NCC Group Company’.

Rob Cotton, NCC Group chief executive, said: “This earnings-enhancing acquisition is another step in strengthening our position as the world’s largest escrow provider and further demonstrates our commitment to customer service.”