10th Jul 2019 09:51
(Alliance News) - Caledonia Investments PLC on Wednesday said it had agreed to acquire a minority stake in Stonehage Fleming & Family Partners Ltd as part of a tender offer and share buyback offer to Stonehage's shareholders.
Caledonia has acquired a 36.7% stake in Stonehage Fleming for GBP89.3 million, it said, with additional deferred consideration of up to a maximum of GBP20.6 million payable depending on Stonehage Fleming achieving targets for its financial years 2020 and 2021.
As part of the original agreement, Caledonia said it had committed to underwrite a GBP30 million term loan facility for Stonehage Fleming to part-fund the tender and share buy-back offers.
Stonehage Fleming was formed in 2015 through the merger of Stonehage Group and Fleming Family & Partners. Stonehage Fleming operates in Europe, Middle East and Africa and is non-bank provider of family office services.
Caledonia Investments shares were trading flat on Wednesday in London at 3,075.10 pence each.
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