NatWest to buy Evelyn partners in £2.7bn deal, shares fall.
NatWest shares fell on Monday after the bank said it had agreed to buy UK wealth manager Evelyn Partners from funds advised by Permira and Warburg Pincus for £2.7bn including debt and launching a new £750m share buyback.
Source: Sharecast
The bank on Monday said the deal would increase fee income by 20% pre-revenue synergies. Evelyn Partners, formerly known as Tilney Smith & Williamson, has £69bn of assets under management compared with NatWest's £59bn.
Investors were unimpressed with the deal, marking NatWest shares down 5% despite a rising market.
London-based Evelyn had been looking for buyers after its private equity owners, Permira and Warburg Pincus, put it up for sale last summer. The group sold its professional services business to the buyout firm Apax Partners last year.
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