Funding and wealth administration agency Abrdn has agreed a deal to amass subscription-based funding platform Interactive Investor (II) for £1.49 billion.
Abrdn, previously Customary Life Aberdeen, had beforehand confirmed it was in talks to acquire the company in November.
It says the 2 firms have a “shared imaginative and prescient of the expansion and growth of the wealth market” and that the deal will “considerably improve our presence and development alternatives”.
II claims round £55 billion of property underneath administration (AUM) and greater than 400,000 prospects.
It says the acquisition “represents a key milestone” and can gas the corporate’s “subsequent part of development”.
As a part of the deal, Interactive Investor CEO Richard Wilson will be part of Abrdn and proceed to move up II.
II will proceed to function as a standalone enterprise and unbiased model underneath Abrdn’s possession.
Wilson claims the corporate “will profit from being a part of one in every of Europe’s largest funding and wealth administration corporations” and may have entry to Abrdn’s “further capabilities throughout analysis, recommendation and wealth administration companies”.
The acquisition can be funded in money from Abrdn’s capital sources and is topic to customary closing circumstances and shareholder approval. It’s anticipated to be accomplished by Q2 2022.
The deal follows Abrdn’s latest acquisition of wealth management platform Exo Investing from Nucoro in August.