By Sabela Ojea

Canaccord Genuity Group Inc. said Thursday that it has entered into an agreement with NatWest Group PLC to acquire Adam & Company, which will be part of its wealth management business in the U.K., CGWM UK.

The investment banking company said it will pay 54 million pounds ($74.4 million) once the acquisition is closed, adding that it expects the deal to be accretive to its adjusted earnings.

Adam & Company, which was sold via NatWest's The Royal Bank of Scotland plc, is an investment management business with client assets of around GBP1.7 billion.

Closing of the acquisition subject to regulatory approval and is expected to take place at the end of the company's second fiscal quarter, Canaccord said, adding that the deal will bring it access to the Scottish market thanks to the company's well-established franchise and strong brand.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

April 15, 2021 10:21 ET (14:21 GMT)

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