Caledonia Investments plc (LSE:CLDN) agreed to acquire 36.7% stake in Stonehage Fleming Family & Partners Limited for approximately £110 million on December 21, 2018. Under the terms of the transaction, Caledonia's investment will be structured by way of a tender offer made to all of Stonehage Fleming's shareholders, that will take place in conjunction with a share buy-back offer by Stonehage Fleming and will result in Caledonia acquiring 36.7% of the fully diluted capital. The exact consideration payable by Caledonia on completion will be dependent on the precise number of shares to be acquired in order to achieve the 36.7% stake, but will be approximately £92m. Caledonia has also agreed to pay additional deferred consideration of up to a maximum of £20.6m, contingent on Stonehage Fleming achieving certain financial targets for its years ending 31 March 2020 and 2021. The management team, together with the other members of staff will retain ownership of approximately 50% of the share capital. To expedite the tender offer, Caledonia has further agreed to underwrite a £30m term loan facility for Stonehage Fleming as part of the funding of the transaction, although it is expected that a third party facility will be put in place with major international banks prior to completion of the transaction or shortly thereafter. Following the completion of the transaction, all of the management team will remain with Stonehage and two members of Caledonia's Unquoted team will also join Stonehage Fleming's board. The transaction is subject to regulatory approvals in a number of jurisdictions which are expected to be obtained within the next three months. Ian Shawyer, Adam Orr and Genevieve Marten of Travers Smith LLP acted as legal advisor, Steve Jones, Neil Bindoff, Wan Ming Lee and Fredrik Johansson of PwC undertook financial and commercial due diligence, Tim Haden of Deloitte UK acted as an accountant and Sebastian Petsas and Andrew Lowin of Duff & Phelps, LLC acted as financial advisor to Caledonia Investments. Howard Corney and Alex Green of Macfarlanes LLP acted as legal advisor and Jeremy Sillem and Andrew Malcolm of Spencer House Partners LLP acted as financial advisor to Stonehage Fleming Family & Partners. Caledonia Investments plc (LSE:CLDN) completed the acquisition of 36.7% stake in Stonehage Fleming Family & Partners Limited for approximately £110 million on July 10, 2019. Caledonia has acquired a 36.7% equity stake in Stonehage Fleming for £89.3m, with additional deferred consideration of up to a maximum of £20.6m payable contingent on Stonehage Fleming achieving certain financial targets for its years ending 31 March 2020 and 2021. On July 10, 2019, the approvals have been received.