Slaughter and May is advising Close Brothers plc (“Close Brothers”) on the sale of its execution services and securities business, Winterflood Securities (“Winterflood”), to Marex Group plc for a consideration amount of approximately £103.9 million.
Under the terms of the transaction, the consideration comprises cash consideration of approximately £103.9 million, based on 30 April 2025 financials, with a pound for pound adjustment for movements in the tangible net asset value of Winterflood between 30 April 2025 and completion of the transaction.
The transaction is expected to complete in early 2026 and is conditional upon receipt of certain customary regulatory approvals.
Slaughter and May worked closely with Tom Bloxsome and Emer Delaney in the Close Brothers legal team.