Mattioli Woods PLC - wealth manager based in Leicester - Buys Twickenham, London-based wealth management firm Montagu Ltd for up to GBP2.3 million. The amount comprises an initial cash consideration of GBP1.4 million - made up of GBP1.1 million in cash plus 40,161 shares in Mattioli Woods - and a contingent consideration of up to GBP950,000 paid on the first and second anniversaries of completion, dependent on the achievement of certain revenue targets.
"The transaction expands our existing operations in London and the South East. We believe the range of products and services that Mattioli Woods has to offer can support the excellent outcomes from which Montagu's clients already benefit, whilst offering the potential to realise real revenue synergies by combining our operations," says Chief Executive Ian Mattioli.
Current stock price: 755.00 pence
Year-to-date change: down 0.7%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Mattioli Woods (MTW)