Transact boss Taylor open to exit as platform calls in Goldman to broker sale

clock

Transact has appointed Goldman Sachs to broker a full sale of the business, with senior staff open to an exit if a takeover is agreed, Professional Adviser's sister title Investment Week understands.

The investment bank has sent a document to interested parties outlining the mechanics of a proposed deal which would see the entire business sold. The document says founders Ian Taylor (pictured) and Michael Howard - both key shareholders - would agree to exit the platform if requested as part of any takeover. In order to be approved, any deal requires 65% of shareholder votes - a likely occurrence if a buyer is found given the make-up of the shareholder base. According to the document, the top five shareholders own 36% of the company, including 53% of the voting rights. The maj...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Quilter reports platform net inflows of £1bn in first quarter

Quilter reports platform net inflows of £1bn in first quarter

Ongoing adviser charging review to start shortly after FCA talks

Jenna Brown
clock 24 April 2024 • 2 min read
Will IFA-owned platforms take over the financial advice sector?

Will IFA-owned platforms take over the financial advice sector?

PA talks to industry experts on the future of adviser-owned platforms

Sahar Nazir
clock 27 March 2024 • 9 min read
CGT support from platforms now 'adviser must have'

CGT support from platforms now 'adviser must have'

Shrinking personal allowances dragging more investors into CGT net

Jenna Brown
clock 27 March 2024 • 2 min read