Blackstone to acquire Intertrust from Dutch sponsor Waterland

US buyout firm The Blackstone Group LP (NYSE:BX) has entered into an agreement to acquire trust and corporate services provider Intertrust Group Holding SA from Dutch investor Waterland Private Equity Investments BV, the target said on its website.

Intertrust did not unveil the value of the transaction, but Dutch daily Het Financieele Dagblad reported it may be around EUR675m (USD883m). The sum is equal to nine times Intertrust’s gross operating profit of EUR75m.

The transaction is scheduled for completion in the coming months once the parties secure the needed regulatory nods.

Intertrust said it expects to receive many opportunities to extend its service offering. The company’s head office is located in Geneva, Switzerland, while its largest operational office is in the Netherlands.