
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.
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
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