Mergers and acquisitions  

Private equity firm confirms Equiniti takeover bid

Private equity firm confirms Equiniti takeover bid

US private equity firm Siris Capital has confirmed its offer to takeover Equiniti.

Siris has offered Equiniti shareholders 180p per share, 17p higher than the share price at the end of trading yesterday (April 27).

Through its Equiniti Wealth Solutions brand, Equiniti provides back and middle office technology to wealth managers and stockbrokers.

It also provides back office technology to pension schemes.

The Equiniti board will recommend shareholders agree to the takeover bid, which sent the firm’s shares to a 12-month high of 174p as markets opened this morning.

Siris has until May 17 to confirm its firm intention to make an offer for the company, or to withdraw the offer.

Last month, Interactive Investor bought the direct-to-consumer retail customer book from Equiniti for £48.5m

The deal will increase the company’s UK platform market share with assets under administration expected to increase from £45bn to £50bn and customers numbers from 350,000 to 400,000. 

The Equiniti retail investment book is a direct-to-consumer flat-fee execution-only broking service under the EQi brand