Towry has finalised a deal to buy Ashcourt Rowan for £120m, £23m higher than its previous offer of £97m.
Ashcourt Rowan shareholders will receive 333p per share, plus 16p in loan notes as part of the deal. The terms of the deal are now binding and it is expected to complete within two months.
Originally, they would have received 270p per share, plus 5p in loan notes.
Ashcourt Rowan provides wealth management and employee benefit consultancy services, and manages or has influence over £5bn in assets, of which £2.3bn is on a discretionary or managed basis. The firm has 340 staff and 16 offices in the UK.
Towry manages £6bn in assets and has 22,000 clients. It has around 800 employees from a national network of 20 offices.
A Towry spokesman says: “We can confirm that Towry has agreed an increased offer to acquire the existing share capital of Ashcourt Rowan. The improved offer is 333p in cash plus 16p loan note, has secured 79.95 per cent of unconditional and binding irrevocable commitments and demonstrates our clear ambition to proceed with the transaction in order to create a major player in the UK private wealth market.
“Ashcourt Rowan is an excellent business and a complementary fit for our proposition that will deliver significant benefits to clients and shareholders. We believe the offer continues to represent a fair value in light of our disciplined acquisition strategy. The acquisition is set to complete in approximately two months, subject to FCA approval.”