17th Jun 2021 12:01
Quilter PLC - Swindon, England-based wealth management company - Gets nod from shareholders for the sale of Quilter International to Utmost Group Ltd.
Total consideration for the sale is anticipated to be GBP483 million, inclusive of a 5% interest charge on the base consideration of GBP460 million from January 1 to the completion of the sale, which is expected at the end of 2021.
Net cash proceeds of GBP450 million are expected from the sale after allowing for transaction costs. Quilter said it is currently minded to undertake a capital distribution to shareholders of the majority of the net cash proceeds.
The sale will simplify Quilter, the company said early April, and focus the company on its higher growth UK wealth management business.
Current London stock price: 155.95 pence
Year-to-date change: up 1.5%
Current Johannesburg stock price: ZAR30.77
Year-to-date change: up 0.1%
By Greg Roxburgh; [email protected]
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