14th Feb 2023 20:49
Augmentum Fintech PLC - Fintech-focused investor - Notes that NatWest Group PLC has agreed to buy a majority shareholding in its portfolio company Cushon. Expects to receive proceeds of GBP22.8 million from the completion of the acquisition, representing a 46% uplift on the unaudited holding value of GBP15.6 million on September 30. Expects this transaction to complete within the next 12 months.
"The acquisition of Cushon by NatWest Group marks Augmentum's fifth realisation since IPO and demonstrates the strategic nature of many of the assets in our portfolio. Financial incumbents are increasingly looking to accelerate their digital transformation through acquiring innovative, digital-first propositions. The pensions industry has certainly suffered from a lack of transformative innovation to date and with their Net Zero pension offering and tech-led approach, Cushon is a true digital disruptor. We wish Ben Pollard and the team all the best for their next phase with NatWest," Chief Executive Tim Levene comments.
Current stock price: 107.00 pence
12-month change: down 21%
By Abby Amoakuh; Alliance News reporter
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