Miton Group and Premier Asset Management Group, both UK-based fund managers, have agreed to combine operations in an all-share deal that will result in the creation of an £11.5bn asset manager.
Each Miton share is priced at 56.74 pence under the agreement. The shareholders of Miton will have a stake of around 33% in the merged entity.
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The consolidated group will operate under the name Premier Miton Group.
In elaborating the deal’s rationale, Premier said that the two companies have limited overlap as well as complementary investment offerings.
The amalgamation will offer a “more diversified revenue mix, access to economies of scale”, the firm noted.
Miton CEO David Barron said: “Miton’s expertise in actively managed, differentiated high conviction funds is a very strong complement to Premier’s leading position in multi-asset strategies.”
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By GlobalDataPremier chairman Mike Vogel and CEO Mike O’Shea will lead the merged group in the same roles.
Miton COO Piers Harrison will serve as the CFO of the merged entity.
Besides, Miton directors David Barron and Katrina Hart will become non-executive directors of Premier. Meanwhile, Robert Colthorpe and William Smith will remain in the role of Premier’s non-executive directors.
The deal is slated to close in the final quarter of this year, subject to shareholder approval.
Premier anticipates annualised synergies within three years of the deal conclusion.
“The combined group will create a company with greater scale and financial strength to invest for future growth, with broader and deeper investment capabilities, enhanced distribution and a more efficient operating platform,” O’Shea noted.
