Caledonia has agreed terms to acquire a minority stake in Stonehage Fleming Family & Partners Ltd (“Stonehage Fleming”), one of the world’s leading independently owned family offices.
Caledonia’s investment will be structured by way of a tender offer made to all of Stonehage Fleming’s shareholders, that will result in Caledonia acquiring 36.7% of the fully diluted capital. The exact consideration payable by Caledonia on completion will be dependent on the precise number of shares to be acquired in order to achieve the 36.7% stake, but will be approximately £92m. The transaction is conditional on obtaining regulatory approvals in a number of jurisdictions. Deferred consideration of up to £20.6m is payable should certain targets be hit.
Caledonia will be investing alongside Stonehage Fleming’s existing shareholders.