Canaccord Acquires PSW

INVESTMENT MANAGEMENT DEALS BLOG

January 7, 2022

On December 14, 2021, Canaccord Genuity Group Inc. announced that it will acquire Punter Southall Wealth Limited.

Under the terms of the agreement, Canaccord Genuity Group Inc. (“Canaccord”), through its UK wealth management subsidiary Canaccord Genuity Wealth Management (“CGWM”), will acquire Punter Southall Wealth Limited (“PSW”) from Punter Southall Group for £164 million cash and newly issued ordinary shares in CGWM. Retention and incentive awards of cash and equity in CGWM, with a combined value of approximately £6 million and subject to vesting conditions, will be made to certain of PSW’s key employees. HPS Investment Partners, LLC will make an additional investment of £100 million in CGWM upon the acquisition’s closing. Canaccord is thereafter expected to hold an approximate 66.9% equity equivalent interest in CGWM on an as converted basis. Further terms of the deal were not disclosed.

Canaccord (TSX:CF), based in Toronto, Canada, is a financial services firm operating in the wealth management and capital markets segments of the securities industry.

PSW, based in London, England, offers financial planning, wealth management, investment management and retirement planning services to high net-worth individuals.

To read the press release: please click here.