Waystone acquires Link Fund Solutions
Waystone has signed definitive agreements to acquire Link Fund Solutions (LFS), dependent on regulatory approvals and other contractual conditions.
Link Group has also confirmed a conditional agreement has been reached for the sale of the LFS business to Waystone, excluding its Luxembourg and Swiss entities, and Woodford-related liabilities.
The deal forms part of LFS’s obligation to pay out up to approximately £235m in compensation to cover losses to more than 300,000 Woodford investors, following an investigation by the FCA.
LFS will receive a “material contribution” from Australian parent Link Group to finance the cost of the compensation, subject to completing the sale of LFS to Waystone.
The deal will generate £110-140m in sale proceeds, representing fair value of the assets, according to statements...
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