Canaccord Genuity to acquire Punter Southall Wealth

Canada-headquartered Canaccord Genuity Group has entered into a share purchase agreement to acquire Punter Southall Wealth through its UK wealth management business Crown Dependencies (CGWM UK). On closing the deal, £163m will be paid to Punter Southall Group, alongside an equity interest comprising newly-issued shares in CWGM UK, it was announced today (14 December). PSW will be acquired by CGWM UK with a minimum level of regulatory capital, with any surplus distributed to PSG by way of a pre-completion dividend. In addition, there will be retention and incentive awards comprising...