(Sharecast News) – Caledonia Investments said it was selling its majority stake in retail wealth manager Seven Investment Management (7IM), to Ontario Teachers’ Pension Plan Board for Â£255m.
Caledonia is expected to receive cash proceeds of around Â£255m, net of transaction expenses, for the sale of its ordinary and preference shares in 7IM.
The cash will be held on deposit for future investment. Caledonia’s shareholding in 7IM was valued at Â£187.1m at the end of March, excluding a further Â£13.2m which will be invested into the business prior to completion.
7IM was acquired by Caledonia in September 2015. The transaction is subject to change in control approval by the UK’s Financial Conduct Authority and is expected to complete in late 2023 or early 2024.
Reporting by Frank Prenesti for Sharecast.com