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Rathbones make acquisition
3
Aug

Tilney – Smith & Williamson deal gains shareholder approval

Tilney’s takeover of rival Smith & Williamson, which has been in the works since September last year, but had to be reconfigured under FCA regulations, has now been approved by Smith & Williamson’s shareholders. 

The £625m deal originally failed to secure FCA approval, but a revised structure and funding from Warburg Pincus improved the firm’s external debt and regulatory capital position. 

Chief executive of Tilney, Chris Woodhouse, said: “We are delighted that Smith & Williamson shareholders have overwhelmingly voted in favour of the merger and can confirm that all regulatory approvals have now been received.

“This is a significant transaction and getting to this stage in the midst of a global pandemic is a real achievement. We now look forward to completing the deal over the coming weeks and bringing these two great businesses together.”

A completed merger will see the formation of a business with an estimated £530m in revenues and £44bn in assets under management.