£432m acquisition of SIPPs firm to complete this week

The £432m private equity takeover of SIPPs and Financial Planning firm Mattioli Woods is set to complete this week after achieving High Court approval. In a statement to the Stock Exchange, Mattioli Woods said the delayed deal was expected to become effective on 3 September. It added: “Mattioli Woods shares will be suspended from trading on AIM with effect from 7.30am on 3 September.” Private equity firm Pollen Street Capital established acquisition vehicle Tiger Bidco to acquire Mattioli Woods for £432m in cash. Tiger Bidco will pay 804p in cash for Mattioli Woods shares. The acquisition was due to complete in August but is now on track to complete on Tuesday. In a statement the two businesses said: “The High Court of Justice in England and Wales has today made an order sanctioning the scheme under section 899 of the Companies Act pursuant to which the acquisition is being implemented. “The scheme remains conditional on the delivery to the registrar of companies of the Court Order made at the court sanction hearing.” The deal was first announced on 8 March and approved by the requisite majorities of scheme shareholders and Mattioli Woods shareholders at a general meeting on 25 April. It was given the green light by the FCA on 1 July. On 21 August, approval to the deal was granted under the National Security and Investment (NS&I) Act which allows the Government to scrutinise and intervene in acquisitions made by anyone, including businesses and investors, that could affect the UK’s national security. Bidco had said it expected the non-executive directors of Mattioli Woods to resign upon completion of the acquisition but it was subsequently agreed that they, “will remain in place at completion to provide for a timely transition in the coming months, on their current terms of appointment.” Mattioli Woods has acquired several firms in recent years itself, including a number of Financial Planning firms. Pollen Street Capital has also made a number of acquisitions in the financial services sector and owns wealth manager and Financial Planner Kingswood.

£432m acquisition of SIPPs firm to complete this week

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