Company incorporated in Jersey in £88 million sale

Friday 28th January 2011, 3:00PM GMT.

Finance group head Chris Byrne

A JERSEY-incorporated public company that provides quality assurance and certification services across a variety of sectors is on the brink of being acquired for close to £88 million.

The board of Velosi Ltd are recommending that shareholders accept a cash bid made by the Spanish-headquartered Applus+ Group.

Applus announced on Tuesday that as it was able to count on about 94.5 per cent of the issued share capital, its bid for Velosi was unconditional.

The main shareholder in Applus is the Carlyle Group, a global alternative asset manager with US$97.7 billion of assets under management.

Law firm Ogier acted as advisers to the prospective buyers of Velosi, which provides services to businesses ranging from multinational oil companies to small fabrication workshops.

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