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Jupiter Fund Management to buy Merian for initial 370 million pounds in shares

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Christian Fernsby ▼ | February 17, 2020
Jupiter Fund Management announced the proposed acquisition of Merian Global Investors Limited, an independent active asset management firm with more than £22 billion assets under management.
Jupiter Fund Management
Acquisition   Jupiter Fund Management
Jupiter is to acquire the entire issued share capital of Merian for an upfront equity consideration of £370 million to be paid through the issue of 95,360,825 new Jupiter Shares to Merian shareholders, with an additional deferred earn-out of up to £20 million payable to Key Merian Management Shareholders, subject to growing and retaining revenues in their investment strategies.

Topics: Jupiter Fund Management Merian

Merian will be acquired with target net debt of £29 million assuming completion on 1 July 2020, subject to an adjustment if net debt at Completion exceeds this figure and with target net debt of £35 million if completion occurs after the record date for the Jupiter 2020 interim dividend payment.

Downside protection from a purchase price adjustment mechanism to be settled in cash, up to a maximum value of £100 million.