Mattioli Woods has completed the acquisition of Ludlow Wealth Management, subject to regulatory approval, after extending the long stop date of the share price agreement by a month on 1 September.
The firm's acquisition of LWMG Topco, the holding company of financial advice firm Ludlow Wealth Management, was delayed by up to a month after the share purchase agreement (SPA) was extended last week.
In order to facilitate the completion of the acquisition, Mattioli Woods entered into an amendment agreement to the share price agreement to extend the long stop date from 31 August 2021 to 30 September 2021.
The extension followed receipt of the Financial Conduct Authority's approval of the change of control of LWMG Topco Limited on 31 August, a requirement to the completion of the share price agreement.
The acquisition was first announced on 26 May 2021 alongside the purchase of Maven Capital Partners and a £100m fundraise in order to finance the deals.
Ludlow Wealth Management's deal will see the £1.6bn assets under advice firm receive £30.3m in cash and £5.8m in new shares. Non-shareholder employees will be eligible for up to a £1m bonus based on performance after a year, but the amount will not exceed £6.4m. Some 22 advisers will join Mattioli Woods.
The completion of this deal has seen Mattioli Woods continue its acquisition spree, snapping up firms including Caledonia Asset Management, Pole Arnold Financial Management, Montagu and Richings Financial Management.
