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(Alliance News) - Mortgage Advice Bureau Holdings PLC on Tuesday said it has completed the GBP72.7 million acquisition of the Fluent Money Group.
Back in March, the Derby, England-based mortgage advice provider announced the acquisition of Fluent Money, a telephone advice mortgage broking platform. Specifically, MAB said it would purchase a 75% equity stake in Fluent Money, as well as a put and call option to pick up the remaining 25% interest after six years subject to performance criteria.
It said that it would pay GBP72.7 million on a cash-free, debt-free basis, based upon an enterprise value of GBP95 million.
At the start of July, MAB received change in control approval from the UK Financial Conduct Authority.
On Tuesday, the company said that the acquisition is now complete.
The transaction is expected to be "significantly" earnings enhancing in the first full year post-acquisition, MAB added.
MAB Chief Executive Officer Peter Brodnicki said: "This acquisition is a perfect example of our strategy to invest in complementary businesses and platforms to help accelerate growth by broadening our proposition to access more customers.
"Combined, we expect that Fluent and MAB will be able to grow this new market share opportunity quickly and effectively, complementing the local/regional strategy delivered by the rest of MAB's growing distribution," Brodnicki added.
Shares in MAB were down 1.7% to 864.00 pence each in London on Tuesday morning.
By Sophie Rose; sophierose@alliancenews.com
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