U.K.-based Liontrust (LIO), a specialist fund management group, on Thursday announced that it has conditionally agreed to acquire the entire issued share capital of Switzerland-based GAM Holding AG (GAM).
The consideration values the entire issued share capital of GAM of CHF 107 million or 96 million pounds and a 16 per cent discount to the closing GAM Share price on 3 May 2023.
The consideration would be satisfied by the issue of 9.4 million new Liontrust Shares, and it is expected that GAM shareholders would own approximately 12.6 per cent. of the combined group.
Each GAM Share would be valued at CHF 0.6723 and Liontrust would offer 0.0589 Liontrust Shares for one GAM Share.
GAM is a global investment manager that is listed in Switzerland and has, within its Investment Management division, assets under management and advice of CHF 23.3 billion or 20.9 billion pounds as at 31 March 2023.
GAM has global distribution with offices in 12 countries and is geographically diverse with clients in almost every continent. It has 3,500 clients globally, of which around 2,700 are based in Europe.
The deal is expected to create a global asset manager with 53 billion pounds in AuMA.
The transaction is expected to be completed in the 4th quarter of 2023. Completion is conditional upon, inter alia, obtaining applicable regulatory approvals and GAM's exit from its Fund Management Services business,
Liontrust has also agreed to provide GAM with two tranches of short-term secured financial support in an aggregate amount of up to 17.8 million pounds.
Shares of Liontrust Asset Management are trading at 832.4 pence, down 33.6 pence or 3.88 percent from the previous close.
Shares of GAM Holding are currently trading at CHF 0.6040, down CHF 0.1970 or 24.59 percent from the previous close.
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