Amati Global Investors has successfully completed a transaction with Mattioli Woods plc to cancel Mattioli Woods’ option to acquire the remaining 51% of the company’s issued share capital.
Mattioli Woods agreed to cancel the option in return for a payment of £0.75m.
Mattioli Woods acquired 49% of Amati in February 2017 and the agreement also included the option to buy the remaining 51% of the issued share capital of Amati in the two years commencing 6 February 2019.
Dr Paul Jourdan, CEO and founder of Amati Global Investors, said:
“This completes an important strategic move for the business, which we believe will provide a strong underpinning for future growth. The agreement in February arose from detailed discussions over many months, and we were highly appreciative of the way in which Mattioli Woods entered into a spirit of partnership with us having recognised the merits of the current ownership structure.
“We are delighted to have developed this innovative model, which combines the benefits of operating an integrated business that Mattioli Woods enjoys with the kind of independence which has long been regarded as optimal for boutique fund management businesses.”
Ian Mattioli, chief executive of Mattioli Woods, added:
“Amati is an excellent fund manager that is growing well and sustainably in difficult markets. Given the success of the current arrangement over the last two years, I believe the group retaining our 49% interest in the joint venture offers the optimal structure for all its stakeholders.”