Legal and General has finalised its takeover of Cofunds, prompting the exit of the platform’s board chairman Charlie Eppinger.
L&G, who already owned 25 per cent of the business, has acquired the remaining 75 per cent of the share capital in a £131m deal that was first announced on March 26.
“As the acquisition is now complete, Cofunds chairman, Charlie Eppinger, will step down with immediate effect.” the company said in a statement.
L&G stated the transaction, which values Cofunds at £175m, is expected to be earnings accretive by the end of 2014 with an expected cost synergy benefit of £11m a year from 2015 and a one-off investment cost of roughly £17m.
Mark Gregory, chief executive of savings at Legal & General added: “We’re thrilled that everyone involved has worked so hard to ensure a smooth transition.
“As ownership changes to Legal & General, I’d like to publicly thank Charlie Eppinger for his 10 years of association with Cofunds. He’s guided the platform from its early days to the highly successful, market leading business it is today.”
