River Global Plc (AIM:RVRG) signed a letter of intent to acquire Devon Equity Management Limited from senior management team for £3.8 million on June 30, 2025. The consideration consists of 16.67 million common equity of River Global Plc to be issued for common equity and 24.33 million common equity of River Global Plc to be issued for common equity of Devon Equity Management Limited. As part of consideration, an undisclosed value is paid towards common equity of Devon Equity Management Limited. In addition, the Sellers will be entitled to receive an amount payable in cash of up to £1.5 million to the extent that Devon, upon becoming an integrated part of the enlarged River Global group, is no longer required to maintain regulatory capital.

For the period ending December 31, 2024, Devon Equity Management Limited reported total revenue of £8.6 million and EBIT of £2.1 million. As of December 31, 2024, Devon Equity Management Limited reported total common equity of £3 million. As part of the Acquisition Simon Troughton, Chairman of Devon, will join the board of River Global as a non-executive director. Richard Pavry, the current Chief Executive Officer of Devon, will join the board of River Global in an executive capacity and Alexander Darwall, Chief Investment Officer of Devon will be appointed Co-Head of European Equities for the combined Group, alongside Charlie Southern, currently Senior Fund Manager for Devon. Luca Emo Capodilista, a founder of Devon alongside Alexander Darwall and Richard Pavry, will also continue in a senior role.

The Acquisition is conditional on, inter alia, satisfactory due diligence, all necessary regulatory clearances and approvals being obtained and the entering into of definitive legal agreements. As of October 2, 2025, the transaction is subject only to Admission, all other conditions have been satisfied. The transaction is expected to close on October 6, 2025.

Atholl Tweedie and Stephen Jones of Panmure Liberum Capital Limited acted as financial advisor for River Global Plc.

River Global Plc (AIM:RVRG) completed the acquisition of Devon Equity Management Limited from senior management team on October 6, 2025.