(Alliance News) - Mortgage Advice Bureau Holdings PLC on Tuesday said that its acquisition of the Fluent Money Group was nearly complete, after the UK Financial Conduct Authority granted it change in control approval.
Back in March, the Derby, England-based mortgage advice provider announced the acquisition of the Fluent Money Group, 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 GBP73 million on a cash free, debt free basis, based upon an enterprise value of GBP95 million.
On Monday, the company said that it has received change in control approval from the FCA. The acquisition is expected to be complete on or around Monday, MAB added.
Shares in MAB were up 3.1% to 898.00 pence each in London on Tuesday morning.
By Sophie Rose; sophierose@alliancenews.com
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Mortgage Advice Bureau (MAB1)