Investec’s £233m Evolution’s acquisition completes

Investec confirmed today (22 December) that its £233m buy-out of wealth management and private banking group Evolution has completed following officially sanction by the court.

In a statement to the stock market this morning, the firm confirmed that the “entire issued ordinary share capital” of Evolution is now owned by Investec.

The deal, announced on 9 September 2011, will see Evolution shareholders receive approximately 53.8m new Investec shares, with each Evolution share valued at around 100.24p, a premium of approximately 44.7 per cent from its average closing price over the three months prior to the deal’s announcement.

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Evolution Group primarily comprises two divisions: Williams de Broë, a UK private client investment manager with assets under management of approximately £6bn, and Evolution Securities, an investment bank focused on serving an international institutional corporate client base, specialising in the UK and European equity and debt markets.