Key Takeaways
- • Centerbridge Partners and Abu Dhabi sovereign wealth fund Mubadala Investment Company are in talks to acquire Canaccord Genuity's UK wealth management business in a transaction valued at approximately £1bn, according to Bloomberg.
- • The consortium is negotiating after exclusive discussions with Warburg Pincus and Clayton, Dubilier & Rice (CD&R) expired, per Bloomberg.
- • A deal could be announced in the coming weeks, but negotiations remain ongoing and no agreement is guaranteed.
- • Canaccord's shares rose as much as 6.5% in Toronto on the news, giving the group a market capitalisation of approximately C$1.5bn.
- • The reported price reflects continued private equity appetite for established UK wealth platforms, following NatWest's £2.7bn agreement to acquire Evelyn Partners earlier this year.
Summary
Centerbridge Partners and Abu Dhabi sovereign wealth fund Mubadala Investment Company are in talks to acquire Canaccord Genuity's UK wealth management business in a transaction valued at approximately £1bn, according to a report by Bloomberg. The talks follow the expiry of a period of exclusive discussions between Canaccord and private equity firms Warburg Pincus and Clayton, Dubilier & Rice (CD&R), Bloomberg reported.
Bloomberg reported that a deal could be announced in the coming weeks, although negotiations remain ongoing and there is no certainty that an agreement will be reached. Canaccord Wealth UK provides investment management and financial advisory services to mass-affluent and high-net-worth clients, a segment that has attracted significant private equity interest amid continued consolidation in the sector.
The reported valuation sits within a broader wave of UK wealth management dealmaking. Earlier this year, NatWest agreed to acquire Permira and Warburg Pincus-backed Evelyn Partners for £2.7bn, underscoring demand for established UK wealth platforms. Centerbridge has also been active in European financial services, leading an investment in Santander-backed UK payments company Ebury in April, and is exploring a potential sale of German digital consumer finance lender Auxmoney, according to previous Bloomberg reporting.
Canaccord's shares rose as much as 6.5% in Toronto following news of the discussions, giving the group a market capitalisation of approximately C$1.5bn.
Bloomberg reported that a deal could be announced in the coming weeks, although negotiations remain ongoing and there is no certainty that an agreement will be reached. Canaccord Wealth UK provides investment management and financial advisory services to mass-affluent and high-net-worth clients, a segment that has attracted significant private equity interest amid continued consolidation in the sector.
The reported valuation sits within a broader wave of UK wealth management dealmaking. Earlier this year, NatWest agreed to acquire Permira and Warburg Pincus-backed Evelyn Partners for £2.7bn, underscoring demand for established UK wealth platforms. Centerbridge has also been active in European financial services, leading an investment in Santander-backed UK payments company Ebury in April, and is exploring a potential sale of German digital consumer finance lender Auxmoney, according to previous Bloomberg reporting.
Canaccord's shares rose as much as 6.5% in Toronto following news of the discussions, giving the group a market capitalisation of approximately C$1.5bn.
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