Elite Duo Advise On £1.8B Smith & Williamson Merger
The professional services firm is merging with wealth management company Tilney.
September 19, 2019 at 05:02 AM
2 minute read
From left to right: Tilney chief executive Kevin Stopps and Smith & Williamson co-chief executives Chris Woodhouse and David Cobb
Freshfields Bruckhaus Deringer and Macfarlanes are advising on the merger between wealth management firm Tilney and professional services group Smith & Williamson, with the expected value of the new combined business to hit about £1.8 billion, according to the companies.
The transaction will see Smith & Williamson shareholders receive a consideration valued at £625 million. According to a statement by the companies, the merger will create a group with more than £45 billion assets under management and about £500 million of revenues.
Magic Circle firm Freshfields is advising Tilney on the transaction, with corporate and M&A partner Bruce Embley leading its team. London partner Alex Mitchell and counsel Mac Mackenzie are advising the company on debt and regulatory matters respectively, according to a person with knowledge of the deal.
Meanwhile, Macfarlanes is acting for Smith & Williamson, with its team led by corporate partner Tom Rose and including corporate duo Luke Powell and John Dodsworth.
Tax and reward partners Rob Collard and Mark Baldwin are advising the professional services firm on incentives and corporate tax matters respectively. Finance partner Kirstie Hutchinson is advising on banking and finance matters, and financial services partner Paul Ellison is providing regulatory expertise.
Rose said in a statement: "The combination represents an exciting new chapter for Smith & Williamson. We have advised them as a firm for a number of years, and we are delighted to have been able to assist with this potentially transformative transaction."
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