PE £432m takeover of Mattioli Woods nears completion

The £432m private equity takeover of SIPPs and Financial Planning firm Mattioli Woods is set to complete in September following delays due to national security considerations. In a statement to the Stock Exchange today, Mattioli Woods said the delayed deal was hoped to become effective 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 next month, Mattioli Woods says. The deal was delayed due to 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. This includes the acquisition of any financial services firm which is deemed to be a ‘critical supplier’ to any arm of the Government. Under the NS&I Act, the acquisition cannot complete until it is given permission by the Secretary of State. Mattioli Woods said today that a further announcement will be made when all the NS&I Act conditions are satisfied and when the Court sanctions the Scheme. The deal was given the green light by the FCA on 1 July. On 25 April, the scheme was approved by the requisite majorities of scheme shareholders and Mattioli Woods shareholders at a general meeting. The deal was first announced in March. 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.

PE £432m takeover of Mattioli Woods nears completion

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