Liontrust has agreed to acquire Neptune Investment Management (“Neptune”) for £40m in shares: £35m on completion with the remainder contingent on performance. This equates to an attractive 6x fwd EV/EBITDA (post-synergies) multiple and 1.7% EV/AuM. Neptune has £2.8bn AuM across 19 funds which we believe represent a complementary strategic fit to Liontrust’s existing offering, driving group AuM through £17bn. This also brings additional diversification benefits. The transaction will be 3% accreti ....
31 Jul 2019
Neptune: strong fit, EPS accretive, AuM now £17bn+
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Neptune: strong fit, EPS accretive, AuM now £17bn+
Liontrust Asset Management PLC (LIO:LON) | 666 0 0.0% | Mkt Cap: 432.8m
- Published:
31 Jul 2019 -
Author:
Andrew Watson -
Pages:
3
Liontrust has agreed to acquire Neptune Investment Management (“Neptune”) for £40m in shares: £35m on completion with the remainder contingent on performance. This equates to an attractive 6x fwd EV/EBITDA (post-synergies) multiple and 1.7% EV/AuM. Neptune has £2.8bn AuM across 19 funds which we believe represent a complementary strategic fit to Liontrust’s existing offering, driving group AuM through £17bn. This also brings additional diversification benefits. The transaction will be 3% accreti ....