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Mattioli Woods launches $110m raising to acquire Maven Capital, Ludlow Wealth
StockMarketWire.com
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Specialist wealth manager Mattioli Woods launched a £110 million equity raising to fund the acquisitions of private equity investor Maven Capital Partners and financial planning group Ludlow Wealth Management.
New shares in Mattioli Woods were being offered at 660p each, a 10% discount to their closing price on Tuesday.
Maven Capital Partners was being acquired for up to £100 million in cash and shares, including an initial sum of £80 million and deferred payment of up to £20 million contingent on future earnings performance.
Ludlow Wealth Management was being acquired for up to £43.5 million in cash and shares, including an initial £36.1 million and deferred consideration of up to £6.4 million.
'These acquisitions mark significant milestones in Mattioli Woods' journey,' chief executive Ian Mattioli said, who added the deals represented 'meaningful progress towards our ambitious medium-term goals'.
At 8:53am: (LON:MTW) Mattioli Woods PLC share price was 0p at 625p
Story provided by StockMarketWire.com
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