Private client firms Praxis IFM and Oak Group have stopped discussions on a potential merger.
The combined group would have had offices in 17 jurisdictions and a headcount of 700 employees, with headquarters in Guernsey.
Oak Group used a “particularly unpredictable global economic backdrop” as one of the reasons for calling off the deal, but added that it will continue to “seek value-enhancing transactions” in the future.
Stuart Platt-Ransom, chief executive at Oak, said: “This is a disappointing denouement for a period of close negotiation.
“Oak will however continue to concentrate on delivering its leading client offering and services while developing into a world-class enterprise with strong operational and leading people strategies.”
Not the right time
Praxis IFM said it will continue to focus on performance improvement and added that Oak is also going through an integration process of a firm it recently acquired.
Robert Fearis, Praxis chief executive, said: “Both Praxis IFM and Oak have concluded that now is not the right time to combine the businesses and so negotiations have closed.
“Both companies recognise the significant benefits of a potential combination and are committed to reopening discussions in the future.”
