UK's Close Bros sells wealth business to Oaktree
UK's Close Bros sells wealth business to Oaktree in $265 million deal
Close Brothers Group has agreed to sell its wealth management unit, Close Brothers Asset Management (CBAM), to private equity firm Oaktree Capital Management for up to 200 million pounds ($265 million).
Close Brothers AM prepares to shift into its own wealth business
Close Brothers has announced the sale of its asset management business (CBAM) to Oaktree. The deal is anticipated to close in the first quarter of 2025, pending regulatory approval. Oaktree is a seasoned investor in wealth management companies in the UK.
Close Brothers Operating Profit Rises, Sells Wealth-Management Business for $264 Million
Close Brothers said operating pretax profit jumped in fiscal 2024, mainly on a fall in one-off charges and a increase in its loan book, and that it had sold its wealth-management business for around 200 million pounds ($264 million).
Close Brothers Sells Wealth Unit to Oaktree to Bolster Capital
Close Brothers Group Plc has agreed to sell its wealth unit to Oaktree Capital Management for an equity value of as much as £200 million ($265 million) as it looks to strengthen its balance sheet amid a regulatory review of its motor finance practices.
Close Brothers divests asset management division to Oaktree in strategic £200m deal
The sale of Close Brothers Asset Management (CBAM) to funds managed by Oaktree Capital Management is expected to be completed in early 2025 following regulatory approvals.
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