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Tilney in talks to acquire Smith & Williamson

Discussions are taking place to resurrect a deal that failed in 2017

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UK financial advice firm Tilney and professional services group Smith & Williamson have both confirmed that they are in “exclusive discussions” over a possible acquisition.

Tilney is looking to resurrect a deal to buy Smith & Williamson after its previous attempt failed in 2017.

It said in a statement: “Following recent media speculation, the board of Tilney confirms that it is in exclusive discussions with Smith & Williamson about a potential combination of our businesses.

“A merger of Tilney and Smith & Williamson would create a market-leading, integrated UK wealth management and professional services group with over £45bn ($55bn, €49bn) of assets under management.”

Both firms said that “these discussions are ongoing and there can be no certainty that a transaction will proceed” and “a further announcement will be made as and when appropriate”.

Previous talks

In August 2017, Tilney made an all-cash offer for Smith & Williamson, disrupting a planned £2bn union with Rathbones that was expected to be announced within weeks.

Rathbones said at the time that it was in exclusive talks with Smith & Williamson to discuss the possibility of creating a £56bn entity via an all-share merger.

Neither deals were completed.

This left Smith & Williamson contemplating a stock market flotation instead, which was meant to be carried out in 2019.

It is unknown if the firm will still do this if a potential deal with Tilney falls through.

Offices

Smith & Williamson has 12 offices in the UK and crown dependencies and Ireland: Bristol, Birmingham, Cheltenham, Guildford, Salisbury and Southampton, Belfast and Dublin (City and Sandyford), Jersey; and Glasgow, with the headquarters in London.

Tilney is also headquartered in London and has 55 offices across the UK.

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