14.6 C
Budapest
March 29, 2024
2020 – 2024 © MO.CO.HU Magyarország Hírek, Hungary News
Image default
acquisitionFeaturedFintechHÍREKUKVILÁG ANGOL

Abrdn confirms £1.49bn acquisition of Interactive Investor

British asset manager Abrdn has confirmed it plans to acquire subscription-based investment platform Interactive Investor for £1.49bn.

Abrdn, which rebranded from Standard Life Aberdeen earlier this year, is awaiting the approval of its shareholders at its general meeting to be held in the first quarter of 2022.

If approved, the deal is expected to be completed in Q2 the same year. It will be funded in cash from the asset manager’s capital resources.

Abrdn stated that it is committed to Interactive Investor’s subscription-based revenue model and open architecture. With this acquisition, the company expects double-digit earnings in the first full financial year post the completion of the deal.

Abrdn will purchase the complete share capital from J.C. Flowers and other members of the management at Interactive Investor. Post-acquisition, the company will operate as a standalone business within the personal finance department of the asset manager. Abrdn will gain the platform’s 400,000 customers and assets worth £55bn.

Interactive investor’s CEO Richard Wilson will join Abrdn and continue to lead the firm.

Interactive Investor has more than 700 employees and offices in Manchester, London and Leeds.

Abrdn has £532bn in assets under its management and administration. It has announced that it will issue £200m in capital-boosting debt besides this deal.

Stephen Bird, Abrdn CEO, said: “This acquisition will significantly enhance our presence and growth opportunities within a fast-growing and attractive market.”

Richard Wilson, Interactive Investor CEO, said: “We will have access to Abrdn’s additional capabilities across research, advice and wealth management services, and we will benefit from being part of one of Europe’s largest investment and wealth management firms, with a vision and values closely aligned to our own.”

The post Abrdn confirms £1.49bn acquisition of Interactive Investor appeared first on UKTN (UK Tech News).

Related posts

British payments fintech MultiPay enters market, lets accept payments from anywhere in the world

MO.CO.HU

Speedinvest to back UK startups with £429m seed fund

MO.CO.HU

This company has raised £1.5m to remove crypto payment volatility

MO.CO.HU

DMCA.com Protection Status


Pin It on Pinterest

Share This