FTSE 100 asset management company abrdn PLC has completed the £1.5bn takeover of the DIY stock-picking platform Interactive Investor (ii).
ii confirmed the deal in a statement released earlier today.
The deal will allow abrdn to compete alongside firms like London-listed Hargreaves Lansdown and AJ Bell.
abrdn will acquire 100% of the ordinary share capital of the holding company of ii from its shareholders.
ii will continue operate as a standalone business and independent brand within abrdn, with Richard Wilson continuing to lead ii through the next phase of its development, under abrdn’s ownership.
Wilson, who is chief executive of ii said, “our management will remain the same, and the same extraordinary team will continually develop our service and technology."
Stephen Bird, Chief Executive Officer of abrdn said his comapny's "scale, resources and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK’s attractive savings and wealth market."
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 be completed in the second quarter of 2022.
Abrdn shares fell 5.02% to 227p.