StockMarketWire.com – Harwood Wealth Management Group announced Monday the acquisition of AE Financial Services for £4.6m plus £1.54m in respect of net cash balances.
The acquisition is said to provide Harwood with a strategic hub in Southampton and enhances the Group’s already established and growing presence along the South Coast.
The initial consideration of £2.4m, plus cash balances was paid on completion, and funded through Harwood’s existing cash resources. While, a further deferred consideration of up to £2.2m will be payable in two tranches over next 24 months, subject to performance criteria of AE Financial being achieved.
The firm said the acquisition has been approved by the FCA.
At 8:08am: [LON:HW.] Harwood Wealth Management Group Plc share price was 0p at 150p
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