Mattioli Woods' acquisition of LWMG Topco, the holding company of financial advice firm Ludlow Wealth Management, has been delayed by a month as the share purchase agreement (SPA) is extended.
In order to facilitate the completion of the acquisition, Mattioli Woods has entered into an amendment agreement to the SPA to extend the long stop date from 31 August 2021 to 30 September 2021.
The extension comes following 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 SPA.
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.
Mattioli Woods has continued its acquisition spree, snapping up firms including Caledonia Asset Management, Pole Arnold Financial Management, Montagu and Richings Financial Management.