Investec W&I UK merges with Rathbones in £839m deal

£100bn combined assets

Rathbones and Investec's UK wealth arm have merged to create a combined discretionary wealth manager with £100bn in investor assets, under the banner of an ‘enlarged Rathbones Group’.

Under the terms of the merger, which is being called a ‘combination' by the two companies, new Rathbones shares will be issued in exchange for 100% of Investec W&I UK's share capital.  The new company will operate under the Rathbones brand with Investec Group as a long-term, strategic shareholder. The deal implies an equity value of approximately £839m for Investec W&I UK. Following its completion, Investec Group will have an economic interest in Rathbones' enlarged share capital of 41.25%, with Investec Group's voting rights limited to 29.9% of Rathbones' enlarged total voting rights...