Financial planner wealth manager European Wealth is preparing to acquire London-based independent financial advisor (IFA) Greensnow, which trades under the name ISM Solutions, in a deal valued at £3m.
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The firm has raised £2m to fund the planned acquisition by placing of 2.5 million new ordinary shares with both new and existing shareholders at a price of 80 pence per share.
European Wealth will pay an initial amount of £1.25m on acquisition, with £625,000 to be paid in cash and £625,000 to be paid in new ordinary shares.
European Wealth executive chairman John Morton said: "The combined fundraising, introducing new and highly supportive institutional investors into our already strong shareholder base, together with our strategic acquisition of ISM Solutions, is evidence of the robust strategy of the European Wealth Group and the manner in which it is viewed by the outside world.
"The developments give us the opportunity to move forward with our growth objectives both through acquisition and organic expansion."
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