Liontrust has announced the acquisition of Majedie – developing further scale (£42bn+ proforma AuM). Consideration is up to £120m; initially £80m in shares – equating to 1.4% EV/AuM and 9x EV/EBITDA post-cost synergies. It also diversifies Liontrust into the institutional channel without creating risk to existing economics, whilst also creating a distribution opportunity for Liontrust into the institutional space and Majedie into the UK intermediary space. We update our forecasts for the acquisi ....
07 Dec 2021
Acquiring Majedie, attractive earnings accretion
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Acquiring Majedie, attractive earnings accretion
Liontrust Asset Management PLC (LIO:LON) | 656 -98.5 (-2.2%) | Mkt Cap: 426.3m
- Published:
07 Dec 2021 -
Author:
Andrew Watson -
Pages:
3
Liontrust has announced the acquisition of Majedie – developing further scale (£42bn+ proforma AuM). Consideration is up to £120m; initially £80m in shares – equating to 1.4% EV/AuM and 9x EV/EBITDA post-cost synergies. It also diversifies Liontrust into the institutional channel without creating risk to existing economics, whilst also creating a distribution opportunity for Liontrust into the institutional space and Majedie into the UK intermediary space. We update our forecasts for the acquisi ....