NatWest Agrees to Buy Evelyn Partners for £2.7 Billion - Alpha Spread

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NatWest Group has announced an agreement to acquire Evelyn Partners, one of the UK's largest wealth management firms, in a deal valued at £2.7 billion ($3.7 billion), including debt.

With this acquisition, NatWest will significantly expand its private banking and wealth management business. The deal will increase NatWest's assets under management and administration to £127 billion, and wealth management will represent around 20% of the bank's customer assets and liabilities.

Alongside the acquisition, NatWest also announced a £750 million share buyback to return value to shareholders.

Following the news, NatWest's shares fell by about 4% in early trading.

Evelyn Partners is a large wealth management company in the UK, helping clients manage and grow their financial assets.

NatWest wants to grow its private banking and wealth management business, which earns fee income instead of relying mainly on lending.

The acquisition will more than double NatWest's assets under management and administration to £127 billion.

NatWest's share price dropped by about 4% after the announcement.

Reuters

The UK's NatWest Group said on Monday it had agreed to buy Evelyn Partners in a deal valuing one of Britain's largest wealth managers at 2.7 billion pounds ($3.68 billion), including debt.

Proactive Investors

NatWest Group PLC has agreed to buy wealth manager Evelyn Partners for £2.7 billion and announced a £750 million share buyback. The FTSE 100-listed bank said the acquisition would expand its private banking and wealth management arm to around 20% of group customer assets and liabilities, as well as...

WSJ

The acquisition more than doubles NatWest's assets under management and administration to £127 billion.

CNBC

NatWest shares slid 4% in early European trading. The transaction is worth £2.7 billion ($3.7 billion) and merges the private bank with one of the U.K.'s largest wealth managers.

Invezz

NatWest share price suffered a harsh reversal, moving from a high of 704p on February 4 to the current 633p. This retreat happened after the company announced its buyout of Evelyn Partners ahead of its upcoming earnings.

Proactive Investors

NatWest Group PLC shares fell 4% to 632.8p, having recently hit a post-2008 high, after the bank revealed it had struck a £2.7 billion deal to buy Evelyn Partners. Ahead of NatWest's financial results on Friday, the purchase of the wealth management firm drew a mixed response from City analysts, wit...

PYMNTS

U.K. banking giant NatWest is acquiring wealth manager Evelyn Partners for 2.7 billion pounds (approximately $3.6 billion). Purchasing Evelyn Partners from private equity operations Permira and Warburg Pincus will allow NatWest to bolster its savings and investment business, the bank said in a Monda...

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