LONDON (ShareCast) - (Sharecast News) - Fund manager Liontrust Asset Management had entered into a conditional sale and purchase agreement to purchase British asset manager Majedie Asset Management for as much as £120.0m.
Liontrust said on Tuesday that the Majedie proposition has "a well-established position" in the UK investment management market that will benefit from "the power, reach and engagement" of Liontrust's distribution and brand.

The FTSE 250-listed group also added that the proposed acquisition would "significantly boost" its existing institutional proposition and allow it to accelerate growth in a "key segment of the market" through increasing scale, distribution and its client base.

Liontrust highlighted that the acquisition of Majedie, which had assets under management and advice of £5.8bn as of 30 November, will boost its own AuMA to over £42.3bn.

The acquisition will be satisfied by the issue of up to £97.0m in new ordinary shares and as much as £23.0m in cash.

As of 0755 GMT, Liontrust shares were untraded at 2,270.0p.

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