Schroders, the UK based fund manager announced that it would pay GBP 424 million or US$646 million to purchase Cazenove Capital. The deal would create one of the leading independent wealth management and private banking businesses in the world today.
The agreed upon deal would price each Cazenove share at 135 pence. Though the agreement has been announced, the sale would still have to be confirmed by Cazenove's shareholders until April 19.
According to Cazenove CEO Andrew Ross, "This transaction which delivers attractive value for our shareholders and importantly will also lead to clear benefits for our clients and improved opportunities for employees."
The deal would bring together two of the oldest firms ever, with Cazenove being 200 years old established in 1823. For Schroders, it is one of the most conservative of the bigger UK asset management firm with its latest acquisition being the US based Fixed Income Management firm.
Schroders CEO Michael Dobson seconded, "I am confident the transaction will create long term value and benefits for clients, shareholders and employees."
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