Mattioli Woods’ acquisition of Ludlow Wealth Management has been delayed by a month, according to a note to investors.
In a statement to the stock exchange this morning (September 1), Mattioli Woods said it has agreed to extend the long stop date in the share purchase agreement from August 31 to September 30.
This was to allow the firm to complete the acquisition after it received Financial Conduct Authority approval to change control of Ludlow yesterday.
The long stop date reflects the timeframe in which all the M&A conditions need to be fulfilled and the transaction completed.
If the deal remains incomplete by this date it could be automatically stopped or one of the companies has the right to withdraw.
The £43.5m Ludlow acquisition was announced back in May, alongside Mattioli Woods’ plans to purchase Maven Capital Partners and to raise £110m through a share issue to fund the two deals.
Ludlow Wealth Management is one of the largest independent providers of investment, financial planning and pension advice in the north west of England with 61 employees, including 22 advisers.
It has assets under advice of £1.6bn.
Last week (August 27), Mattioli Woods bought Iver-based advice firm Richings Financial Management, in a deal worth up to £1.8m.
The firm has been on an acquisition spree this year and in April bought Caledonia Asset Management, in a deal worth up to £1.6m.
This came only a week after it snapped up advice firm Pole Arnold Financial Management for up to £7m.
Back in February it bought Twickenham-based wealth management firm Montagu, in a deal worth up to £2.34m.
At the end of 2019 it acquired Glasgow-based Turris Partnership for £1.6m, and last year (March 2020), it acquired private client adviser and asset manager Hurley Partners in a deal worth up to £25.6m.
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