Interactive Investor is to purchase The Share Centre in a deal price £69.1m.
Picture supply: Picture supplied by Augmentum
Augmentum Fintech, the publicly listed funding firm centered on the fintech sector, stated the worth of its holding in Interactive Investor has elevated by £5.9m following its takeover of The Share Centre.
It was introduced yesterday (Monday) that Interactive Investor, the UK’s second largest direct-to-consumer platform, is to buy competitor The Share Centre in a deal price £61.9m. The deal is predicted to be accomplished within the third quarter of this yr.
Augmentum stated the deal means the worth of its holding in Interactive Investor has gone up by £5.9m to £20.7m from its valuation of £14.8m in September 2019.
Augmentum’s fintech investments embody Tide, Monese in addition to peer-to-peer platform Zopa.
London-listed Augmentum, which is headed up by CEO Tim Levene (pictured), was arrange as a personal automobile in 2010 to spend money on European fintech corporations, searching for to disrupt conventional banking and monetary providers, enterprise fashions.
The deal means a windfall for The Share Centre founder Gavin Oldham, who owns 69 p.c of its AIM-listed shares.
Oldham is ready to pocket £40m, with £4m in money and the remainder in shares.