LONDON--Caledonia Investments PLC (CLDN.LN) said Monday it plans
to buy a 94% shareholding in 7IM Holdings Ltd., the controlling
member of Seven Investment Management LLP, for up to 77 million
pounds ($119.16 million) from Allied Zurich Holdings Ltd. and Aegon
U.K. PLC.
Seven Investment Management is a provider of discretionary fund
management, retail investment funds and platform services to U.K.
investors. At April 30, it had assets under management and
administration of GBP9.5 billion.
The acquisition is subject to the Financial Conduct Authority's
approval.
Seven Investment Management's management team will subscribe
GBP5.0 million for the remaining equity, with the balance of the
purchase costs to be provided by GBP25 million of bank debt, which
Caledonia has agreed to underwrite in the event that this is not in
place by completion.
-Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
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