Africa-Press – South-Africa. Rathbones Group agreed to buy the UK wealth management business of Investec in an all-share deal valued at £839 million (R18.7 billion).
Click here for Investec’s share price and other data
Investec shares climbed 3.3% as of 9:27 a.m. in London trading, while Rathbones rose 2.6%.
Under the terms of the agreement, Rathbones will issue new shares in exchange for 100% of Investec Wealth & Investment Ltd.’s UK business and Rathbones. The enlarged Rathbones Group will remain an independent company operating under the Rathbones brand out of the London office, with Investec as a long-term, strategic shareholder.
Investec will get to nominate two non-executive directors to the board of the new Rathbones entity, and Ciaran Whelan is one potential candidate, Titi said.
On possible job cuts as a result of the merger, Rathbones CEO Paul Stockton said there will be changes inevitably, but it’s too early to discuss details.
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