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£43.5m advice firm acquisition delayed

Long stop date for the deal has been extended to 30 September 2021

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Leicester-headquartered Mattioli Woods has agreed to amend the share purchase agreement with the sellers of advice firm Ludlow Wealth Management (LWMG Topco Limited).

This is to extend the long stop date in the acquisition to 30 September 2021 from 31 August 2021, the firms said in a London Stock Exchange statement.

The long stop date is when all the M&A conditions need to be fulfilled and the transaction completed. If the deal is not completed by then, it could be automatically stopped or one of the companies has the right to withdraw.

The extension will help complete the deal, following Financial Conduct Authority (FCA) approval of change of control of LWMG Topco Limited on 31 August 2021.

All other terms of the deal remain unchanged.

The £43.5m ($59.8m, €50.7m) acquisition was first announced on 26 May 2021.

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