19 February 2020
- David Pudge, Nick Spurrell, Olivia Higgs, Catherine Freeman, Simon Crown, Sonia Gilbert, Alistair Woodland, Nick Mace, Iain Hunter, James Spencer, Yuli Adagun
Clifford Chance advises Jupiter Fund Management plc on the acquisition of Merian Global Investors Limited for £370 million
International law firm Clifford Chance has advised Jupiter Fund Management plc ("Jupiter"), the independent active asset management business with approximately £42.8 billion assets under management ("AUM"), on the acquisition of Merian Global Investors Limited ("Merian"), the active asset management firm with more than £22 billion of AUM. The upfront equity consideration of £370 million is to be satisfied in Jupiter shares.
The acquisition enhances Jupiter's position as one of the UK's leading active asset managers with more than £65 billion of AUM and reinforces Jupiter's core UK franchise by extending capabilities into attractive product gaps. The deal diversifies Jupiter's existing business with the current top five funds falling from 46 per cent of AUM to 33 per cent of the AUM of the enlarged Group; and the number of funds with greater than £1 billion of AUM increasing from 10 to 16.
Jupiter General Counsel Jasveer Singh, commented: “The proposed acquisition of Merian Global Investors by Jupiter Fund Management Plc represents a significant step in the execution of the firm’s strategy and accelerating its growth plans. Considered structuring and execution of the transaction is a critical component of ensuring that Jupiter is able to deliver for all of its stakeholders. The Clifford Chance team (led by David Pudge) played a key role, alongside Jupiter’s other advisers, in ensuring we achieved these objectives whilst helping secure appropriate terms for the proposed acquisition. The team’s experience, multi-disciplinary expertise and dedication proved invaluable in the circumstances for which we are very grateful.”
Completion of the transaction is subject to receipt of customary regulatory consents and approval by Jupiter's shareholders in general meeting.
Clifford Chance has a long-standing and close relationships with Jupiter and its General Counsel, Jasveer Singh. The Clifford Chance M&A team comprised Corporate Partner David Pudge, Senior Associate Nick Spurrell, Associates Olivia Higgs, Catherine Freeman and Jasmine Jimenez, and Trainee Solicitors Lucinda Bayley and Toyo Odetunde. Partner Simon Crown advised on the regulatory aspects, Partner Sonia Gilbert advised on incentives, Partner Alistair Woodland on employment, Nick Mace on Tax, and Partner Iain Hunter, Senior Associate James Spencer and Lawyer Yuli Adagun on equity capital markets.