A PYMNTS Company

UK’s Tilney/Smith & Williamson Merger Delayed Due To Coronavirus

By  |  April 15, 2020

The proposed £45 billion (US$56.5 billion) merger between Tilney and Smith & Williamson has been delayed due to a combination of the coronavirus pandemic and ongoing concerns from the Financial Conduct Authority (FCA) regarding the transaction structure.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    In a note to investors on S&W’s website published Wednesday, April 15, the wealth management firm wrote that it has been working closely with the FCA to develop a revised transaction structure after the regulatory body identified a number of concerns in January of this year.

    It added that “significant progress has been made” in discussions, with the firm confirming a “material new equity investment and thus a significant reduction in the external debt levels of the… combined group.”

    “However, due to the unprecedented circumstances caused by the Covid-19 pandemic and the resultant challenges for regulators, investors and others, the parties’ discussions regarding the revised structure have inevitably been delayed,” it stated.

    Full Content: Investment Week

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.