The latest mergers, acquisitions and other corporate actions in the wealth management sector.

Team plc, WH Ireland
Team plc, a Jersey-headquartered investments group, has agreed to acquire WH Ireland in a £12.7 million ($16.81 million) transaction. The agreement comes after boutique wealth manager and corporate broking group Oberon’s proposed purchase of WH Ireland fell through after the latter's shareholders rejected the bid.

“The boards of Team and WH Ireland are pleased to announce that they have reached agreement on the terms and conditions of a recommended acquisition of WH Ireland by Team to create a diversified, well-governed wealth and asset-management group with regulated operations in Jersey, the UK and selected international markets,” the groups said in a statement yesterday. 

The enlarged group will be headquartered in Jersey.

Each WH Ireland shareholder will be entitled to receive for each WH Ireland share: 0.195 new Team shares. When the acquisition is wrapped up, WH Ireland shareholders will hold around 43.5 per cent. and Team shareholders will hold about 56.5 per cent of the enlarged share capital.

Based on the exchange ratio and the closing price of 27.5 pence per Team share on the latest practicable date, the deal values WH Ireland at £12.7 million. On the same date, Team had a market value of about £17.1 million.

WH Ireland shareholders have undertaken to vote, or procure the vote, in favour of the deal, the statement said.

Merger and acquisition activity has been brisk in the UK in recent years, with a desire for economies of scale to handle rising cost burdens being a factor. This publication recently looked at such trends here.