Manchester-based Interactive Investor has been sold to abrdn plc for £1.49bn.
The asset management firm started discussions with the board of the subscription-based investment platform earlier this month.
“This is a unique opportunity and a transformative step in delivering our growth strategy. interactive investor is the UK’s number one subscription-based investing platform with a powerful reputation as a consumer champion,” stated Stephen Bird, Chief Executive Officer of abrdn plc.
“abrdn’s scale, resources, and shared vision will enable interactive investor to grow confidently and expand its leadership position in the UK’s attractive savings and wealth market. I am delighted that Richard Wilson and his team will continue to lead interactive investor.”
It comes after months of speculation about Interactive Investor’s future, with CEO, Richard Wilson previously saying that it was investigating its own £2bn flotation.
“This is an exciting new chapter in our history and means that we can focus exclusively on serving those who matter most: our customers,” Wilson stated today.
“We will have access to abrdn’s additional capabilities across research, advice and wealth management services, and we will benefit from being part of one of Europe’s largest investment and wealth management firms, with a vision and values closely aligned to our own.
“Our management will remain the same, and the same extraordinary team will continually develop our service and technology, while maintaining our subscription pricing, our whole of market choice and the same campaigning spirit and editorial independence.”
As part of the acquisition Wilson will join abrdn and continue to lead interactive investor, which will operate as a standalone business within abrdn’s Personal operation.
Abrdn said it will acquire 100% of the share capital from shareholders including private equity firm, JC Flowers & Co, which has held a majority stake since 2016.
Interactive investor has more than 400k customer and assets under administration of around $55bn.