Business
Acquisition of GAM Holding AG
Acquisition of GAM Holding AG.
About this update from Liontrust Asset Management Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT, INCLUDING THE APPENDICES AND THE INFORMATION CONTAINED IN THEM, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\n \nFURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) (\"UK MAR\")).\n \nLEI: 549300XVXU6S7PLCL855\n \nFor immediate release\n4 May 2023\n \nLiontrust Asset Management Plc\n(\"Liontrust\" or the \"Company\")\nProposed Acquisition of GAM Holding AG\n \nIntroduction\n \nLiontrust, the specialist fund management group, today announces that it has conditionally agreed to acquire the entire issued share capital of GAM Holding AG (\"GAM\"), a global investment management group (the \"Proposed Acquisition\"), by way of public exchange offer with ordinary shares of 1 pence each in the capital of Liontrust (\"Liontrust Shares\" , and each individually a \"Liontrust Share\") to be issued to GAM shareholders for a total consideration representing a valuation of the entire issued share capital of GAM of CHF 107 million (£96 million) (the \"Consideration\"), equivalent to CHF 0.6723 per publicly held registered shares (Namenaktien) of GAM with a nominal value of CHF 0.05 each (\"GAM Shares\", and each individually a \"GAM Share\"), on completion of the Proposed Acquisition (\"Completion\").\n \nGAM is a global investment manager that is listed in Switzerland and has, within its Investment Management division, assets under management and advice (\"AuMA\") of CHF 23.3 billion (£20.9 billion) 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.\n \nHighlights of the Proposed Acquisition:\n \n· Creates a global asset manager with £53 billion in AuMA on a pro forma basis1;\n \n· Accelerates the development of L...