Smith & Williamson shareholders have given the go-ahead for its acquisition by rival Tilney.
The transaction was announced in September last year for £625m.
Go deeper with GlobalData
It was postponed in April this year due to the Covid-19 pandemic and ongoing talks with the Financial Conduct Authority (FCA) about its revised structure.
However, this June, the two parties concerned agreed on a revised transaction structure.
Moreover, private equity firm Warburg Pincus agreed to co-invest in the merged group along with funds from Permira.
The deal, now slated to close on 1 September 2020, recently secured the green light of the FCA. It now awaits the UK High Court’s sanction.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe combined business will have more than £45bn in assets, of which 80% is in discretionary mandates or funds.
It will have around 280 investment managers, 260 financial planners as well as a professional services business with 150 partners and directors.
Tilney CEO Chris Woodhouse said: “We are delighted that Smith & Williamson shareholders have overwhelmingly voted in favour of the merger and can confirm that all regulatory approvals have now been received.
“This is a significant transaction and getting to this stage in the midst of a global pandemic is a real achievement. We now look forward to completing the deal over the coming weeks and bringing these two great businesses together.”
