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UIL Limited announced on 29 February 2024 that its investee company Somers Limited, in which UIL owns 41.7%, entered an agreement to merge Waverton Investment Management Limited with London & Capital Group. Somers will receive two-thirds of its consideration in cash along with a significant shareholding in the new combined business, with the transaction expected to complete in mid-2024. As of 31 January 2024, Waverton (which has over £10bn in assets under management and 175 employees) represented approximately 15.0% of UIL's investment portfolio, and the transaction price represents a small premium to Somers' current carrying value of Waverton.
| Date | 29 Feb 2024 |
| Time | 11:34:52 |
| Category | Corporate updates |
| ID | 9917E |
29 February 2024
UIL LIMITED
(LEI Number: 213800CTZ7TEIE7YM468)
Portfolio update - merger of Waverton and London & Capital
The Board of UIL Limited ("UIL" or the "Company") is pleased to announce that its investee company Somers Limited ("Somers") has entered into an agreement which will result in the merger of Waverton Investment Management Limited ("Waverton") with London & Capital Group. UIL owns 41.7% of Somers and Waverton is Somers' largest holding.
Waverton is an independent investment management business with over £10bn in assets under management and 175 employees. The transaction will result in Somers receiving two thirds of its consideration in cash on completion together with a significant shareholding in the combined new business. The transaction is subject to various conditions, including regulatory approvals, and is expected to complete in mid 2024.
As at 31 January 2024, Waverton represented approximately 15.0% of UIL's investment portfolio on a look through basis. The transaction price represents a small premium to Somers' current carrying value of Waverton and is therefore not expected to have a material impact on UIL's net asset value.
Name of contact and telephone number for enquiries:
Charles Jillings
ICM Investment Management Limited
Telephone: 01372 271486