Dundee-based Alliance Trust has completed the sale of its subsidiary company, Alliance Trust Savings, to Interactive Investor.
As previously announced, the total consideration payable for the business was £40 million including office premises, subject to post completion adjustments.
The net proceeds after, post completion adjustments, irrecoverable VAT and costs associated with the disposal are expected to be £34.5 million, which will be reinvested in the Trust’s global equity portfolio, managed by Willis Towers Watson, accounting for 97% of assets.
Lord Smith of Kelvin, Alliance Trust’s Chairman, said: “The board is pleased that the sale of ATS to ii has completed. The sale completes our transformation into a fully focused global equity trust, which should improve returns to shareholders.
“On behalf of the board, I would like to take this opportunity to thank all the hard-working staff at ATS for their efforts over the years to build the business. We wish ATS every success as it continues to develop under its new owner.”
