Aberdeen buys Deutsche's UK asset management business

AAM will raise £215m through a fully underwritten rights issue to help fund the acquisition. It will pay £165m in cash for Deutsche’s London and Philadelphia-based fixed income businesses, and its Oeic business. Existing Aberdeen shareholders will be offered three new ordinary shares for every two already held – a total of about 363 million new shares - with the price set at 63p per new ordinary share. An additional £35m to £55m will be paid on a ‘pound for pound’ basis for the net asset value of the target businesses on completion of the deal. Deferred payments for the equities and m...