Liontrust has published the circular with regard to the acquisition of GAM, adding some further detail on the proposed transaction ahead of the GM on 7th July. In this update, we focus on new information only drawing attention to additional detail around prospective £56m cost synergies. GAM remains in exclusive talks with Carne to exit the FMS division (a prerequisite for completion) as well as a commitment to a pay “at least” a 72p/sh dividend in FY24 during the integration period. Liontrust expects “significant” earnings accretion in FY25e.
