Kingswood-backed SPAC in exclusive talks to buy Lombard - reports

Blank cheque vehicle listed in New York

Kingswood Acquisition Corp, a SPAC backed by directors of UK wealth firm Kingswood Group, is in exclusive talks to buy Lombard, one of the UK's biggest wealth management groups, according to reports.

The blank-cheque company, which listed in New York late last year, has signed a letter of intent to acquire Lombard in recent days, Sky News is reporting. If the deal is successful, it will be one of the first takeovers of a British-based financial services business by a New York-listed special purpose acquisition company (SPAC). A case of caveat emptor? Managers approach with caution as SPAC surge welcomed to UK market The deal could value Lombard, which has been owned by Blackstone since 2014, at around €700m, according to analysts. Lombard had more than €47bn in assets under adm...