South African financial services group Investec has bought the entire issued share capital in the UK private client wealth manager Rensburg Sheppards, adding to its existing 47 per cent stake, confirming media reports that it was due to make the move.

Investec, which also operates a private banking business, had been expected to buy the 52 per cent stake in Rensburg Sheppards that it did not already own. The purchase is expected to be worth around £412 million (around $619 million).

Investec currently has an interest in approximately 47 per cent of Rensburg Sheppards' existing issued share capital. Under the terms of the offer, Rensburg Sheppards Shareholders will receive 1.63 fully paid newly issued Investec shares in exchange for each fully paid Rensburg Sheppards share currently held.

The offer values each Rensburg Sheppards share at 916 pence and the entire issued and to be issued share capital of Rensburg Sheppards at approximately £412 million based on the closing price of Investec of 562 pence on 29 March 2010.

Investec said the deal does not imply any change to the management team and there is anyway limited overlap between the Investec and Rensburg Sheppards operations.

The offer is conditional on certain regulatory terms being fulfilled.

A report by the Financial Times said that a deal had been expected.