Centerbridge Partners and Mubadala Investment Co. are in advanced talks to acquire Canaccord Genuity's UK wealth management business, a unit focused on mass-affluent and high-net-worth clients. The Canadian financial services firm initiated exclusive negotiations with buyout firms Warburg Pincus and Clayton Dubilier & Rice earlier this year, but those discussions lapsed. A deal is now valued at approximately £1 billion ($1.3 billion).
Canaccord Genuity's shares surged 6.5% to C$14.18 on Tuesday, reflecting a market valuation of C$1.5 billion. Representatives for Centerbridge, Mubadala, Warburg Pincus, and CD&R declined to comment. A spokesperson for Canaccord did not immediately respond to requests for comment.
The potential sale highlights ongoing consolidation in the UK wealth management sector, following NatWest Group's acquisition of Evelyn Partners for £2.7 billion earlier this year. Any agreement could be announced in the coming weeks, though negotiations remain subject to change. Centerbridge, a notably active European buyout firm, recently led an investment in Banco Santander's Ebury and explored a sale of the German digital bank Auxmoney.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing