GEC Plc has paid UKP12m for a 40% in Atlantic Group Plc’s 75%-owned property and financial services subsidiary, Summit Group. The two listed companies announced last Wednesday that such a deal was in the offing (CI No 837). Under the terms of the agreement, GEC and Atlantic will each hold 40% of Summit with the remaining 20% in the hands of joint managing directors Barry Sack and Kit Hunter-Gordon. Sack and Hunter-Gordon previously held the 25% not owned by Atlantic. Summit, acquired with Comcap Plc, the leaser bought by Atlantic early last year, has a joint venture with British Land Company Plc and Dutch property company Maatschappij voor Bedrijfsobjecten NV to develop an office complex in the London Docklands (CI No 431). In the financial services field, Summit’s Aurit Services Ltd subsidiary arranges high value capital leases for such as aircraft and ships. It has worked closely with GEC for many years, a relationship expected to be extended and strengthened by GEC’s equity participation. In calendar 1986, Summit did about UKP1m before tax, inter-company interest charges and loans.
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