Never miss an issue of Master Investor Magazine – sign-up now for free!
Rathbone Brothers (LON:RAT) has announced that it has completed the acquisition of Speirs & Jeffrey after the receipt of FCA approval. The initial consideration of £104 million has been satisfied by £79 million in cash and the issue of a little over 1 million new ordinary shares.
The newly issued shares are locked for three years and will be subject to the seller’s ongoing employment conditions. As of the 10th of May this year, Spiers & Jeffrey had assets under management of £6.7 billion and was one of Scotland’s largest independent fund managers.
Shares in Rathbone Brothers climbed by 3.65% to 2,614p (as of 15:00 BST).