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(Sharecast News) - Wealth manager Mattioli Woods said on Friday that it has agreed to be bought by private equity firm Pollen Street Capital in a £432m deal.
Under the terms of the deal, Pollen Street would pay 804p per share in cash for Mattioli, which is a 34% premium to the closing share price on Thursday.
Anne Gunther, non-executive chair of Mattioli Woods, said: "The Mattioli Woods board is pleased to announce its unanimous recommendation of this cash offer for Mattioli Woods, which not only delivers attractive value to Mattioli Woods shareholders in cash, allowing them to crystallise the value of their holdings, but also provides significant opportunity for clients, employees and wider stakeholders.
"The Mattioli Woods board recognises the opportunities that can be delivered under private ownership, including access to incremental growth capital and other resources to accelerate the development of its technology and pursue transformative acquisitions.
"Pollen Street Capital is highly supportive of the Mattioli Woods management team's strategy to create one of the UK's leading wealth managers with the critical scale and holistic product offering to address the changing financial planning and investment needs of its clients."
At 0835 GMT, Mattioli shares were up 32% at 791.20p.
