Pollen Street Capital’s £432m acquisition of Mattioli Woods is slightly delayed, the AIM-listed UK wealth manager said in an update on 18 July.
This stemmed from needing approval under the National Security and Investment Act which was now likely to be satisfied in August.
It means that the court sanctioned scheme of arrangement, under which the deal is being implemented, will now likely become effective in September, and not August as originally thought.
The statement said: “Mattioli Woods is currently working with Bidco to seek to satisfy the NS&I Act condition approval for the transaction.
“In the announcement by Mattioli Woods on 1 July 2024, it was announced that the Scheme was expected to become Effective in August 2024, subject to the satisfaction or waiver of the remaining Conditions. As the NS&I Act condition is expected to be satisfied in August 2024, the Scheme is now expected to become Effective in September 2024, subject to satisfaction or waiver of the remaining Conditions.”
The Financial Conduct Authority has already approved the deal.
Mattioli Woods, which has £15bn of assets under management, agreed to be taken private by private equity firm Pollen Street in a deal in March.
