Cortina Bidco, the US private equity firm, has received approval from the Financial Conduct Authority for its takeover of AFH Financial Group.
The successful takeover comes after Bidco initially failed to gain shareholder approval in January, consequently increasing the offer by £6.5m. AFH’s shareholders later approved the new offer – valuing each share at 480p – in March.
Steven Begleiter, managing director of Flexpoint, the parent company of Bidco, commented back in January:
“We believe that the UK wealth management market is currently undergoing an important transition. Regulatory and demographic trends are driving increasing demand for high quality financial advice that can be met by IFA firms with a long-term and client-centric view. Additionally, the market is highly fragmented. This is an opportunity to service customers better and create value through consolidation.”
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