The Royal Bank of Canada has submitted a. 1.6 billion ($ 2.1 billion) proposal to British wealth management company Brewin Dolphin.
Brewin shareholders will receive 515 pence for each share, RBC said, an amount that is a premium of 62% compared to Wednesday’s close of 318 pence.
That puts Brewin Dolphin at 8 2.8 per cent of the assets 55 billion in assets under management, based on data from Feb. 28, the Royal Bank of Canada added.
Brewin Dolphin executives have unanimously backed the deal, which will be completed by the end of the third quarter of this year.
“The UK is a key growth market for RBC, and Brewin Dolphin provides us with an excellent platform to significantly transform wealth management activities in the region,” said RBC Capital Markets Europe CEO.
The combination will make RBC Wealth Management the third largest wealth management company in the UK and Ireland, as well as the largest in Canada and with a strong position in the US.
Source: Capital
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