Alantra and Grupo Mutua have agreed to the acquisition by Grupo Mutua of approximately 25% of the share capital of Alantra Wealth Management Agencia de Valores, S.A. and Alantra Wealth Management Gestión, SGIIC, S.A. (jointly, “Alantra Wealth Management“).
Alantra Wealth Management is the private banking division of the Alantra Group. It has a team of fifty private bankers, offices in Madrid, Barcelona, Bilbao, Seville, La Coruña and Zaragoza, and 1.7 billion euros assets under management.
Alantra Wealth Management’s executive partners have also participated in the transaction. Grupo Mutua has acquired approximately 25% of their stake.
After the execution of the acquisition, Alantra Wealth Management will have the following shareholding structure: Grupo Mutua, 50.01%; and Alantra and the executive partners, approximately 25% each.
The price agreed for the 50.01% stake consists of an initial payment of EUR 23,754,750 plus an additional variable payment (earn out) of up to EUR 6,250,000, which will be determined according to the achievement of Alantra Wealth Management´s business plan for the period 2018-2022.
The incorporation of Mutua in Alantra Wealth Management will mean, both for its institutional capabilities and asset management, a strengthening of the activity and a better service to customers.
The closing of the transaction is only subject to the approval of the Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores) and, as the case may be, by the supervisory anti-trust authorities.