8th Nov 2021 08:37
(Alliance News) - Asset manager abrdn PLC confirmed Monday it is in discussions with JC Flowers & Co for a potential acquisition of online retail investment platform interactive investor.
The Financial Times on Saturday reported the FTSE 100 firm is finalising a deal to buy Manchester-based ii for GBP1.5 billion, in a bid to deepen its direct-to-consumer business, citing people with "direct knowledge of the matter".
However, abrdn said there can be no certainty that the discussions will result in a deal. It said it will make a further announcement "as and when appropriate".
Back in August, Sky News had reported that interactive investor had invited several investment banks to to propose an initial public offering in London that could value ii at up to GBP2 billion. In April, ii CEO Richard Wilson told the FT it was considering an IPO.
ii is the second largest retail investment platform in the UK after FTSE 100-listed Hargreaves Lansdown PLC.
Shares in abrdn were up 0.7% in London on Monday morning at 257.55 pence each.
By Paul McGowan; [email protected]
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