Caledonia Investments has signed an agreement to sell its majority stake in UK wealth manager 7IM to the Canadian pensions giant Ontario Teachers' Pension Plan.
The FTSE 250-listed investment trust will receive cash proceeds of £255m, net of transaction expenses and subject to the exact timing of completion, for the sale of its 7IM shares, it said in a stock exchange notice today (5 September). Caledonia's investment in the company was valued at £187.1m in its audited accounts as of March 31, 2023, excluding an additional £13.2m that will be invested in 7IM prior to closing of the sale. The transaction is subject to change in control approval by the Financial Conduct Authority and is expected to complete in late 2023 or early 2024. In a se...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
