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Tilney and Smith & Williamson‘s merger structure revealed

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Tilney and Smith & Williamson are pleased to announce that they have agreed a revised transaction structure for their proposed merger.

The merged group will be known as Tilney Smith & Williamson and will be the UK’s leading integrated wealth management and professional services business.

As part of the revised transaction, funds advised by Warburg Pincus LLC, a global private equity investor, will co-invest in the combined business alongside funds advised by Permira.

The revised transaction structure will result in a significant reduction in external debt for the combined group, lower ongoing financing costs and an improved regulatory capital position.

The new investment by Warburg Pincus, particularly in the midst of a global health and economic crisis, represents a significant vote of confidence in the strength of a combination of Tilney and Smith & Williamson and adds further credibility to the firm’s longer term strategy.

Warburg Pincus has considerable experience investing in financial services, having deployed more than $15bn in over 120 such businesses. Tilney Smith & Williamson will be Warburg Pincus’s sixth investment in a wealth management company.




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