7th Sep 2015 11:48
LONDON (Alliance News) - Caledonia Investments PLC on Monday said it has now acquired a 93.6% stake in 7IM Holdings Ltd, which controls Seven Investment Management LLP, in a deal valuing the business at GBP100.0 million.
Caledonia Investments, a self-managed investment trust, had already confirmed a deal to acquire a majority stake Seven Investment Management. The deal has now completed following approval from regulators.
It said it is to invest GBP73.6 million from its own cash resources in the deal, with the remainder of the acquisition costs to be funded through a combination of GBP25.0 million of bank debt, equity subscription from the 7IM team and cash on 7IM's own balance sheet.
7IM had GBP9.4 billion in assets under management and administration at the end of August, according to Caledonia Investments.
Shares in Caledonia Investments were up 1.0% at 2,315.00 pence on Monday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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