Completion of the sale of R&M LLC for $8.79m

RNS Number : 1703V

AssetCo PLC

08 August 2022

 

LEI: 213800LFMHKVNTZ7GV45

8 AUGUST 2022

ASSETCO PLC

("AssetCo" or the "Company")

COMPLETION OF THE SALE OF RIVER AND MERCANTILE LLC FOR $8.79m

The Company is pleased to announce that the sale of River and Mercantile LLC, a US based investment solutions and actuarial business, to Agilis Holding Company LLC (the "Transaction") completed on 5 August 2022.

The total consideration paid to the Company's subsidiary, River and Mercantile US Holdings Limited (the "Seller"), is $8,796,000. In accordance with the previously agreed terms of the Transaction, $856,000 will be paid on completion with a further payment of $1,700,000 payable within 60 days of completion. Following the notice of acceleration of the payment of the promissory note by the Seller, the balance of the consideration, $6,000,000, will be paid within 60 days. The Seller will receive a further payment of $240,000 over a one-year period following completion of the Transaction.

The terms of this Transaction were agreed to by the Seller in January 2022 prior to the acquisition of River and Mercantile Group PLC by the Company and were previously announced by the Seller's then ultimate parent company, River and Mercantile Group PLC. 

Enquiries:

AssetCo plc	[phone]
Campbell Fleming Peter McKellar James Thorneley
Numis -Nominated Adviser and Joint Broker to AssetCo Giles Rolls Charles Farquhar	[phone]
Panmure Gordon - Joint Broker to AssetCo Charles Leigh-Pemberton Atholl Tweedie Gabriel Hamlyn	[phone]
Maitland/AMO - PR Adviser to AssetCo Neil Bennett Rachel Cohen	[phone]

 

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