Doughty Hanson, the European private equity house, has completed its €350 million (around $469 million) move to take a majority stake in Equity Trust, paving the way for the latter firm’s merger with TMF Group, the provider of business administration services.

TMF is also owned by Doughty Hanson.

Equity Trust and TMF Group will now accelerate the integration planning, and begin the necessary approval process, for the merger of the two businesses, focusing on creating the household name in global complex administrative and outsourcing solutions, the firms said in a statement.

The merged business will have a global network across 70 countries, with more than 4,500 staff, and combined revenues in excess of €400 million.