interactive investor announces proposed acquisition by abrdn

3 December 2021

Interactive Investor (“interactive investor”, “ii” or “the Company”) announces today that it is to be acquired by abrdn plc (“abrdn”), one of the largest European investment and wealth managers with £532bn of assets under management globally.

The transaction will see abrdn acquire 100% of the ordinary share capital of the holding company of ii from its shareholders, including majority shareholder JC Flowers IV L.P. (a fund advised by JC Flowers), for total consideration of £1.49 billion, subject to a locked box adjustment and a regulatory capital adjustment.

This transaction represents a key milestone in ii’s evolution and will drive the next phase of growth, building on ii’s position as the UK’s second largest DIY investment platform, with assets under administration approaching £55bn across over 400,000 customers.

ii will remain a consumer-driven, digital, open architecture investment platform and will continue to offer its transparent and innovative subscription service with fair flat fees for customers. The company will continue to champion the retail investor. Following the transaction, ii is expected to benefit from access to the strength and depth of abrdn’s advice, research and wealth management capabilities. ii will also continue to operate on its existing strong technology platform post-transaction.

ii will operate as a standalone business and independent brand within abrdn and Richard Wilson will continue to lead ii through the next phase of its development, under abrdn’s ownership.

abrdn is highly supportive of ii’s ethos as a consumer champion in direct investing, which has positively differentiated ii in the market and is considered core to the Company’s future success. For example, the Company will continue to lobby for enhanced retail access to IPOs under abrdn’s ownership.

The transaction is subject to receipt of customary regulatory and anti-trust approvals, as well as abrdn shareholder approval. It is currently expected that the transaction will complete in the second quarter of 2022.

Source: interactive investor