Edition:
United Kingdom

Quilter Completes Disposal Of Single Strategy Asset Management Business


Friday, 29 Jun 2018 

June 29 (Reuters) - Quilter PLC ::COMPLETION OF DISPOSAL OF SINGLE STRATEGY ASSET MANAGEMENT BUSINESS.TOTAL CONSIDERATION, FOLLOWING AGREEMENT WITH ACQUIRER IN RELATION TO QUANTUM OF ALL PRE-COMPLETION PRICE ADJUSTMENTS, IS CONFIRMED AS £583 MILLION.WILL CONSIDER A SPECIAL DISTRIBUTION BY COMPANY TO SHAREHOLDERS FROM SURPLUS SALE PROCEEDS FROM OMGI TRANSACTION.TOTAL CONSIDERATION COMPRISING UPFRONT CASH CONSIDERATION OF £576 MILLION AND AN ADDITIONAL £7 MILLION OF DEFERRED CONSIDERATION.DEAL COMPRISES UPFRONT CASH CONSIDERATION OF £576 MILLION AND AN ADDITIONAL £7 MILLION OF DEFERRED CONSIDERATION.IS MAKING GOOD PROGRESS ON SEPARATING ITS RETAINED MULTI-ASSET BUSINESS FROM SINGLE STRATEGY BUSINESS.CONTINUES TO EXPECT TO INCUR AGGREGATE COSTS OF APPROXIMATELY £20 MILLION IN RESPECT OF ESTABLISHMENT OF STANDALONE MULTI-ASSET BUSINESS.