Wealth manager Brewin Dolphin is set to be acquired by the Royal Bank of Canada in a deal valuing the business at £1.6bn.
The investment specialist, which has a network of offices around the UK and Ireland including a strong presence in Newcastle, has recommended an offer to shareholders by RBC Wealth Management (Jersey) Holdings Limited, a subsidiary of Royal Bank of Canada.
The two firms announced they have reached agreement on the terms of a recommended all cash offer, through which shareholders will be entitled to 515p per Brewin Dolphin share. The deal values Brewin Dolphin at 2.8% of its £55bn assets under management as of February 28 2022.