RBC Wealth Management to buy Brewin Dolphin for £1.6 billion

RBC Wealth Management to buy Brewin Dolphin for £1.6 billion

Bloomberg: RBC Wealth Management has agreed to buy Brewin Dolphin Holdings Plc, in an all-cash deal that values the wealth manager at about 1.6 billion pounds ($2.1 billion).

RBC will pay 515 pence a share in cash for the company, according to a statement. The price represents a 62% premium to Brewin Dolphin’s last closing share price.

M&A has swept through the wealth industry in the past few years as the rising cost of regulation, tech and operations push firms to merge. Several consolidators have bought advice businesses and wealth boutiques to gain scale. Brewin Dolphin is one of the UK’s most prominent wealth managers with 55 billion pounds of assets under management at the end of February.