Gresham House to acquire Hazel Capital

Gresham House, the specialist asset manager, has entered into exclusivity arrangements and conditional heads of terms to acquire Hazel Capital, a leading UK asset manager of new energy infrastructure.

Gresham House said the proposed acquisition, which was expected to complete in the third quarter of this year, was in line with its strategy to grow both organically and through acquisition, and was highly complementary to its existing real assets division and the objectives of the recently announced British Strategic Investment Fund.

It said the acquisition was intended to be funded using shares issued at a premium to the current share price, plus a deferred earn out in cash and shares.

Gresham House said it had been granted a period of exclusivity until 31 December to finalise its due diligence and the terms of the proposed acquisition.