The proposed £45bn merger between Tilney and Smith & Williamson has been delayed due to a combination the coronavirus pandemic and ongoing concerns from the Financial Conduct Authority (FCA) regarding the transaction structure.
In a note to investors on S&W's website published today (15 April), the wealth management firm said it has been working closely with the FCA to develop a revised transaction structure after the regulatory body identified a number of concerns in January of this year. It added that "significant progress has been made" in discussions, with the firm confirming a "material new equity investment and thus a significant reduction in the external debt levels of the… combined group". "However, due to the unprecedented circumstances caused by the Covid-19 pandemic and the resultant challenges fo...
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