Equiniti Group has agreed to sell the EQi direct-to-consumer (D2C) customer business of Equiniti Financial Services to interactive investor (ii) in a deal worth up to £49m.
The deal, which is anticipated to complete this summer following a customer migration exercise, comprises £48m payable in cash at completion and up to a further £1m contingent on the timing of migrating all customers to the ii platform. Kirrage's Schroder Income cut from interactive investor buy list As of 31 December 2020, the D2C business had assets under administration of £5.3bn, including cash balances of £0.6bn, and generated revenue of nearly £15m in 2020. EQ will report an accounting profit on the transaction of £13m and pay just over £2m of corporation tax in the year of d...
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