NatWest Group (NWG.L) is reportedly nearing a 2.5 billion pound ($3.4 billion) takeover of Evelyn Partners, one of Britain’s largest wealth managers. According to Sky News sources on Saturday, a deal could be announced early next week. NatWest declined to comment on the report, and Evelyn Partners did not immediately respond to requests for comment. NatWest is a major British banking and insurance holding company, providing a wide range of financial services to personal and business customers. Evelyn Partners is a wealth management firm overseeing billions in client assets.
Last week, both NatWest and Barclays (BARC.L) submitted offers for Evelyn, according to Sky News reports on Wednesday. The rumoured price range for the acquisition has been between 2.5 billion and 3 billion pounds. Evelyn’s private equity shareholders, Permira and Warburg Pincus, initiated the sale process last year, attracting interest from multiple financial institutions including Lloyds (LLOY.L), and the Royal Bank of Canada (RY.TO).
Permira, Evelyn Partners’ private equity shareholder since 2014, previously funded its growth into a major player in wealth management. Warburg Pincus became a minority investor in 2020 to facilitate a merger between Tilney and accounting firm Smith & Williamson, the entity now known as Evelyn Partners. A portion of the company’s shares are held by current and former employees.
At the time of reporting, Reuters was unable to independently verify the Sky News report. ($1 = 0.7348 pounds)
