Brewin Dolphin confirms acquisition of Investec's Irish wealth business

Brewins also looks to raise £60m through share placing

Brewin Dolphin's wealth management business has announced the purchase of Investec Group's wealth management business in the Republic of Ireland for just under £38m.

Following earlier conversations, a stock exchange announcement said the acquisition is set to complete in the second half of the year, subject to regulatory approvals and the net consideration after adjustments for surplus capital is expected to be circa €44m (£38m). The consideration will be payable in cash and comprise a payment on completion for goodwill of €37.15m, as well as a payment to reflect the value of net tangible assets in the Investec business at that date. It said the move will create a top three wealth management business in Ireland with assets under management and adv...