C-Quadrat signs acquisition agreement for UK’s BCM
Austrian manager C-Quadrat Investment has signed a €13.4m agreement with Laakman Holding Ltd with a view to finalising its acquisition of UK fund management company BCM.
The sum is subject to an amendment clause, which means that within 3.5 years the price could go up or down by 30% depending on operational results achieved over the period.
The purchase is being funded by C-Quadrat treasury shares. The overall acquisition is subject to approval by the UK Financial Services Authority, and the supervisory board of C-Quadrat under the Austrian Stock Corporate Act.
Completion of the transaction is intended for the fourth quarter of 2012.
London headquartered BCM is focused on asset management services for private and institutional clients. The business was founded in 2005 by a group of Morgan Stanley executives. It claims some €807m under management across its portfolio of products and services.
C Quadrat announced in July this year that it was acquiring Austrian firm Absolute Portfolio Management, which manages assets of about €430m.