(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 £255m.
Caledonia is expected to receive cash proceeds of around £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 £187.1m at the end of March, excluding a further £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.
Wood Group continued to rise after string a services deal with Harbour Energy on Monday. Meanwhile Diversified Energy gained on higher oil prices.
TI Fluid Systems said it had agreed to buy Hungarian firm Cascade Engineering Europe for €25.4m (£21.7m) in cash.
Cascade makes thermal fluid connectors and other plastic injection moulded components for the automotive industry. TI Fluid said the business had a “strong reputation for its technical expertise and product quality, with in-house capabilities from design and development to tooling, prototyping and serial manufacturing”.
“CEE is expected to generate revenue of €35m in the year to December 31 and the acquisition will be immediately accretive to the group’s underlying earnings,” it added.
Market Movers
FTSE 250 (MCX) 18,549.77 0.14%
FTSE 250 – Risers
Wood Group (John) (WG.) 164.30p 4.98%
Caledonia Investments (CLDN) 3,520.00p 3.99%
Mobico Group (MCG) 87.95p 3.47%
Trainline (TRN) 244.40p 3.38%
Diversified Energy Company (DEC) 86.70p 3.34%
Lancashire Holdings Limited (LRE) 588.50p 3.06%
IP Group (IPO) 58.10p 2.65%
Just Group (JUST) 75.30p 2.17%
Bakkavor Group (BAKK) 100.00p 2.04%
TI Fluid Systems (TIFS) 128.00p 1.91%
FTSE 250 – Fallers
Ferrexpo (FXPO) 81.00p -3.05%
CMC Markets (CMCX) 103.60p -2.63%
W.A.G Payment Solutions (WPS) 91.00p -2.57%
Abrdn Private Equity Opportunities Trust (APEO) 425.00p -2.19%
Wizz Air Holdings (WIZZ) 2,183.00p -2.15%
Capita (CPI) 17.19p -2.11%
Synthomer (SYNT) 61.05p -2.01%
Wetherspoon (J.D.) (JDW) 688.00p -1.92%
Baltic Classifieds Group (BCG) 208.50p -1.88%
Volution Group (FAN) 367.60p -1.71%
