1st Jul 2020 10:52
(Alliance News) - Jupiter Fund Management PLC on Wednesday said it has completed the the acquisition of Merian Global Investors.
In February, the FTSE 250 fund management firm confirmed the GBP370 million all-share deal, saying it will issue Merian shareholders 95.4 million shares, giving them a 17% stake in the combined company. It said it would also make an additional deferred payment of up to GBP20 million depending on performance targets being met.
Merian had assets under management of GBP22.4 billion as of the end of 2019, and the merger will create a company will assets of GBP65 billion.
At the time, Jupiter said the deal "significantly enhances" its UK investment capability, and widens the range of investment services available to clients.
Jupiter stock was trading 0.8% lower at 254.20 pence each on Wednesday morning in London, but 37% lower than at the start of the year.
By Ife Taiwo; [email protected].
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