Schroders plc (LSE:SDR) entered into an agreement to acquire solutions business from River and Mercantile Group PLC (LSE:RIV) for an enterprise value of £230 million on October 26, 2021. The consideration will be paid in cash. On completion of the transaction, James Barham, Chief Executive of RMG, will join Schroders and continue to lead the solutions business, reporting to Schroders Group Chief Executive, Peter Harrison and Alex Hoctor-Duncan will succeed James Barham as Chief Executive of RMG.

The transaction is subject to FCA and RMG shareholders' approval. The acquisition is approved by RMG's board unanimously. The transaction is approved by the shareholders of River and Mercantile Group PLC.

The acquisition is expected to complete in the first quarter of 2022. The RMG intends to return the majority of proceeds to shareholders while retaining sufficient funds both to ensure that its existing business remains well capitalized and to facilitate its plans for the development of the asset management business. River and Mercantile Group PLC refused the proposal made by Disruptive Capital Acquisition Company Limited for its solutions business.

River concluded that Schroders' all cash offer, its greater execution certainty and Schroders' clear plans for the business, its employees and clients, is in the best interests of all stakeholders. William Rucker, Nicholas Millar, Anthony Segal-Knowles and Denis Martin of Lazard and Vincent Bounie and Philip Evans of Fenchurch Advisory Partners advised RMG. Richard Cranfield, Stephen Mathews of Allen & Overy are acting as legal advisors to River and Mercantile Group.