Abrdn to acquire online investment platform Interactive Investor in £1.49bn deal

Investment and wealth management firm Abrdn has agreed a deal to acquire subscription-based investment platform Interactive Investor (II) for £1.49 billion.

Abrdn currently claims around £532bn of AUM

Abrdn, formerly Standard Life Aberdeen, had previously confirmed it was in talks to acquire the company in November.

It says the two companies have a “shared vision of the growth and development of the wealth market” and that the deal will “significantly enhance our presence and growth opportunities”.

II claims around £55 billion of assets under administration (AUM) and more than 400,000 customers.

It says the acquisition “represents a key milestone” and will fuel the company’s “next phase of growth”.

As part of the deal, Interactive Investor CEO Richard Wilson will join Abrdn and continue to head up II.

II will continue to operate as a standalone business and independent brand under Abrdn’s ownership.

Wilson claims the company “will benefit from being part of one of Europe’s largest investment and wealth management firms” and will have access to Abrdn’s “additional capabilities across research, advice and wealth management services”.

The acquisition will be funded in cash from Abrdn’s capital resources and is subject to customary closing conditions and shareholder approval. It is expected to be completed by Q2 2022.

The deal follows Abrdn’s recent acquisition of wealth management platform Exo Investing from Nucoro in August.