LONDON: Oberon Investments Ltd, a boutique wealth management and corporate broking firm, said on Monday it has agreed to acquire the wealth management division of WH Ireland Ltd for £1 million in cash.
The deal, structured as a conditional asset purchase agreement, is expected to transfer approximately £850 million in client assets under administration to Oberon upon completion, which is anticipated in October pending shareholder approval and contract novation.
The acquisition will expand Oberon’s national footprint with new offices in Manchester and Poole, complementing its existing locations in London and Basildon. WH Ireland’s investment managers, advisers, and operational staff will join Oberon, ensuring continuity for clients and strengthening the group’s advisory capabilities.
“This agreement marks a positive and natural development for Oberon,” CEO Simon McGivern said. “Clients will continue working with their trusted advisers, now backed by the broader resources of the Oberon Group.”
The transaction follows Oberon’s recent funding initiatives, including the issuance of £3 million in convertible loan notes and a £1.58 million equity raise, bringing total capital raised to £4.58 million before expenses. The company said the funding will support the integration of WH Ireland’s business and accelerate its broader growth strategy.
A transitional services agreement will be put in place to ensure a smooth handover for clients and staff.