Close Brothers is offering 220 pence in cash for each Cavanagh Group share, representing a premium of around 31% to Cavanagh’s closing share price of 167.5 pence on 1 April 2011.
Cavanagh has more than £2bn worth of private client and corporate assets, and operates eight offices in Britain with around 60 financial advisers.
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Chief executive Andrew Fay and managing director Simon Redgrove will respectively receive a mix of cash and Close Bros shares worth £5.8m and £5.5m.
Close chief execuitve Preben Prebensen said this acquisition represents a further step in the execution of their strategy to build a high quality private client offering and to become a leader in UK wealth and asset management.
The acquisition is the latest in a string of buys by Close as it looks to develop a competitive wealth and asset management business in the UK.
It follows the acquisition of Chartwell Group, a Bristol based independent financial adviser, in September 2010, and Allenbridge Group in February 2011.
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