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Bids, Mergers and Takeovers

Caledonia completes deal to acquire majority stake in 7IM

07 September 2015 12:51

In June Caledonia Investments announced that it had agreed to acquire a majority stake in Seven Investment Management ("7IM"), the provider of discretionary fund management, retail investment funds and platform services to UK investors.

The transaction has now been completed.

Caledonia has acquired 93.6% of 7IM Holdings, the controlling member of Seven Investment Management LLP which operates the 7IM business, in a transaction which values the business at £100m.

Caledonia will invest £73.6m from its own cash resources, with the balance of the acquisition costs being funded by a combination of £25m of bank debt, equity subscription from the 7IM management team and cash on the 7IM balance sheet at completion.

As at 31 August 2015, 7IM had assets under management and administration of approximately £9.4bn.

At 12:51pm: (LON:CLDN) Caledonia Investments Plc share price was +19p at 2311p

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