2nd Dec 2021 11:20
(Alliance News) - Asset manager abrdn PLC on Thursday announced its plan to acquire online retail investment platform interactive investor for GBP1.49 billion in cash.
interactive investor will be acquired from its shareholders, including JC Flowers & Co, and will be integrated into abrdn's Personal vector. The acquisition is expected to be double digit earnings accretive in the first financial year following completion.
ii is the second largest retail investment platform in the UK after FTSE 100-listed Hargreaves Lansdown PLC, with 404,000 customers and assets under administration of GBP55 billion at the end of June.
The acquisition is conditional on approval from financial regulators and shareholders at a general meeting expected to take place in the first quarter of 2022. Should approved be obtained, abrdn anticipates the acquisition to be completed in the second quarter of 2022.
abrdn will fund the acquisition through its own capital resources.
"This is a unique opportunity and a transformative step in delivering our growth strategy. interactive investor is the UK's number one subscription-based investing platform with a powerful reputation as a consumer champion. abrdn's scale, resources, and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK's attractive savings and wealth market. I am delighted that Richard Wilson and his team will continue to lead interactive investor," said Chief Executive Officer Stephen Bird.
Shares in abrdn were down 1.7% at 234.90 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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