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UK-based wealth manager AssetCo is set to acquire the entire issued share capital of the Edinburgh-based fund management business, in a deal worth £2.75 million.
The acquisition comes after AssetCo was re-admitted on the AIM on 16 April 2020.
The deal will be paid through the issuance of 166.904 shares, priced at 10p each and £664,774 in cash.
Peter McKellar, deputy chairman and CEO and AssetCo, said: focus will be on building on Saracen's strong foundations, particularly the experience and expertise of its management team and their investment approach.
'We aim to grow the business through marketing its existing funds and over time broadening its product range to continue to meet the needs of customers.
The acquisition is pending approval by the FCA.
At 1:45pm: (LON:ASTO) AssetCo PLC share price was 0p at 411p