Liberum acts as Joint Corporate Broker to Brewin Dolphin PLC on the £1.6bn recommended offer by Royal Bank of Canada

We are pleased to announce that Liberum has acted as Joint Corporate Broker to Brewin Dolphin PLC (“Brewin Dolphin”), one of the UK’s leading discretionary wealth managers, on the £1.6bn recommended offer by RBC Wealth Management (Jersey) Holdings Limited, a subsidiary of the Royal Bank of Canada (“RBC”), one of Canada’s largest banks.

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The acquisition of Brewin Dolphin by RBC is a significant transaction, creating one of the largest wealth managers in the UK, Channel Islands and Ireland.

RBC’s acquisition of Brewin Dolphin represents a strategic opportunity for RBC to combine RBC Wealth Management (“RBC WM”), its existing wealth business in the UK and the Channel Islands, with Brewin Dolphin to create a market leader with, on a pro-forma basis, £64 billion of assets under management, a combined annual revenue of £545 million for FY2021 and approximately 600 client facing professionals as at 31 December 2021. Following the acquisition RBC WM will have a leadership position in the UK and North America.

The recommended cash offer price of 515 pence per share was a 62% premium to Brewin Dolphin’s unaffected share price and valued Brewin Dolphin at £1.6bn, 2.8% of its c.£55.0bn assets under management (as at 28 February 2022).

Liberum acted as Broker on the transaction, having been Joint Corporate Broker to Brewin Dolphin since November 2017.

Liberum Team

Investment Banking – Richard Crawley, Cameron Duncan, Will King

CIR – Natalie Clarke

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