L&G acquires Cofunds in £131 million deal

Legal & General (L&G) Group is to acquire the 75% share capital of Cofunds Holdings, which it does not already own, for a cash consideration of £131 million (€154.4 million).

The deal will be financed out of L&G’s existing cash resources.

Cofunds, an investment platform for financial services with more than £50 billion of assets under administration, is valued at £175 million.

It is expected that the deal, which is subject to regulatory approval, will be completed in the first half of this year.

A joint statement, says Cofunds will retain its brand and continue to serve both retail and institutional clients.

Mark Gregory, chief executive officer, savings, at L&G, says: “Cofunds, alongside our existing platform IPS, provides us with the scale and capability to be a major player in this important and growing market.”

Gregory adds that the projected growth in the investment platform market is “substantial”.

©2013 funds europe

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