Brooks Macdonald (LON:BRK) announced the acquisition of Lloyds Bank International's Channel Islands wealth management and funds business, 24.6.20.

Here, Caroline Connellan, CEO, Andrew Shepherd, CEO of Brooks Macdonald International, and Ben Thorpe, Group Finance Director, outline the highlights of the acquisition, the strategy, the fit and the financial benefits. (In a meeting given to analysts 24.6.20).

Material benefits include:

- Increase in the Group's pro forma funds under management by up to c.8 per cent to over £13 billion

- Expected to be accretive to underlying EPS in the year of acquisition (12 months ending 30 June 2021), with full year accretion of an estimated 8-10 per cent in the Group's first financial year following completion (12 months ending 30 June 2022).

- Consideration representing an estimated post restructuring P/E multiple of 4.5 times in the first full year following completion, on a pro forma basis

- Acquisition funded from existing cash resources.

Full RNS here.

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