Caledonia To Sell Majority Stake In Seven Investment Management For Around 255 Mln Cash
(RTTNews) - Caledonia Investments plc (CLDN.L) announced Tuesday its agreement to sell its majority stake in Seven Investment Management or 7IM, a vertically integrated retail wealth management business, to Ontario Teachers' Pension Plan Board or OTPP.
Caledonia is expected to receive cash proceeds of around 255 million pounds, net of transaction expenses, for the sale of its ordinary and preference shares in 7IM. The cash proceeds will be held on deposit for future investment.
Caledonia acquired 7IM in September 2015. As of March 31, Caledonia's shareholding in 7IM was valued at 187.1 million pounds excluding a further 13.2 million pounds which will be invested into the business prior to completion.