Macfarlanes advises Smith & Williamson on transformational merger with Tilney

19 September 2019

Macfarlanes has advised long-standing client Smith & Williamson on its agreed combination with the Tilney Group, creating the UK’s leading integrated wealth management and professional services group with over £45bn assets under management and £500m of revenues.

The combination will be structured as a scheme of arrangement of Smith & Williamson Holdings Limited. The consideration payable by Tilney Group, which is majority-controlled by private equity firm Permira, will comprise a combination of cash and shares in the combined group's new holding company. In addition to requiring the approval of Smith & Williamson shareholders, the transaction is subject to customary regulatory conditions, and is expected to complete in Q1 2020.

The Macfarlanes team was led by corporate partner Tom Rose, with tax and reward partners Rob Collard and Mark Baldwin advising on incentives and tax matters respectively, finance partner Kirstie Hutchinson advising on banking and finance matters and financial services partner Paul Ellison providing regulatory expertise. The team also included corporate partners Luke Powell and John Dodsworth, corporate senior solicitor Thomas French and solicitors Olivia Seeley and Emma Bailey, tax and reward senior solicitor Saba Palizi and solicitors Paddy Croft and Mark Petch, finance solicitor Imogen Benson and financial services senior consultant Tim Plews and solicitor Martin Coombes.

Tom Rose commented: "The combination represents an exciting new chapter for Smith & Williamson. We have advised them as a firm for a number of years, and we are delighted to have been able to assist with this potentially transformative transaction."