Quilter, formerly Old Mutual Wealth, has completed its disposal of Richard Buxton's single-strategy Old Mutual Global Investors (OMGI) business to TA Associates for £583m.
In a stock exchange announcement today, the firm said the transaction, which was previously announced in December 2017, comprised upfront cash consideration of £576m plus £7m in deferred consideration which will be received by 2021. The board of Quilter said it would consider a special distribution to shareholders from the surplus sale proceeds once costs and the repayment of a £300m senior unsecured loan had been taken into account. Quilter listed as a standalone company on 25 June, separating from former parent Old Mutual plc. This included the former multi-asset division of OMGI,...
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