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LONDON (Alliance News) - Financial services company Walker Crips Group PLC on Monday said it has acquired Barker Poland Asset Management LLP in a cash and shares deal.
Walker Crips said it will pay GBP4.2 million in cash and shares for the company, comprising GBP265,000 in cash for Barker Poland's net assets, plus GBP1.7 million in cash and 440,771 shares, which will be priced at the five-day closing average of Walker Crips shares at the time of completion. Walker Crips shares ended Friday at 44.00p.
A further GBP2 million will be paid in cash and shares subject to Barker Poland meeting revenue targets.
As February 28, Barker Poland had GBP229 million in assets under management, Walker Crips said.
"This is an important step in our continuing quest for growth, taking our assets under management and administration to GBP3.5 billion from GBP1.4 billion just 3 years ago as well as increasing the capacity of our London stronghold alongside our ongoing regional expansion," said Walker Crips Chief Executive Rodney Fitzgerald.
"BPAM's business is a complementary bolt-on to our existing offering which, with the combination of our similar investment styles and culture, will facilitate a seamless enhancement for BPAM's clients," Fitzgerald added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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