British wealth manager Towry has completed the acquisition of rival financial planning firm Ashcourt Rowan.
Towry has increased its offer for Ashcourt Rowan to £120m during the bidding process for the acquisition in March 2015 from the agreed £97m in February, following interest from other parties, reported Professional Adviser.
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According to the publication, Towry will pay 333p per share and a principal amount of 16p in new loan notes for Ashcourt Rowan in a revised deal replacing the 270p per share (plus 5p in loan notes) acquisition agreed by the two firms in February.
Towry CEO Rob Devey said: "This is a significant acquisition for Towry and we want to take the opportunity to welcome both clients and employees of Ashcourt Rowan. Ashcourt Rowan is an excellent fit with Towry, set to deliver significant benefit to clients and shareholders.
"Our continued priority over the coming months is to ensure a smooth period of integration between the two businesses, while maintaining an excellent standard of financial planning and investment management services to our clients."
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