Abrdn agrees acquisition of Interactive Investor for £1.49bn

Abrdn has announced that it has agreed to acquire subscription-based investment platform, Interactive Investor, for £1.49bn, subject to regulatory and shareholder approval.

The deal would see Abdrn acquire 100 per cent of the ordinary share capital of Interactive Investor from its shareholders.

Shareholder approval of the deal will be sought at the General Meeting, which is expected to take place in Q1 2022.

If regulatory and shareholder approval is achieved, the acquisition is expected to be completed in Q2 2022.

As part of the acquisition, Interactive Investor chief executive officer, Richard Wilson, will join Abrdn and continue to lead Interactive Investor, which will operate as a standalone business within Abrdn’s ‘Personal’ vector.

Abrdn stated that it and Interactive Investor have “a shared vision” of the growth and development of the wealth market and a commitment to being “the customer champion”.

It added that it expected the acquisition to “significantly enhance” Abrdn’s presence and growth opportunities.

Interactive Investor has around 400,000 customers and assets under administration of £55bn.

Commenting on the announcement, Abrdn chief executive officer, Stephen Bird, said: “This is a unique opportunity and a transformative step in delivering our growth strategy.

“Interactive Investor is the UK’s number one subscription-based investing platform with a powerful reputation as a consumer champion.

“Abrdn’s scale, resources, and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK’s attractive savings and wealth market. I am delighted that Richard Wilson and his team will continue to lead Interactive Investor.”

Wilson added: “This is an exciting new chapter in our history and means that we can focus exclusively on serving those who matter most: our customers.

“We will have access to Abrdn’s additional capabilities across research, advice and wealth management services, and we will benefit from being part of one of Europe’s largest investment and wealth management firms, with a vision and values closely aligned to our own.

“Our management will remain the same, and the same extraordinary team will continually develop our service and technology, while maintaining our subscription pricing, our whole of market choice and the same campaigning spirit and editorial independence.”

The acquisition will be funded in cash from Abrdn’s capital resources.

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