Canadian asset manager Fiera Capital Corp., through its Fiera Properties Ltd. unit, agreed to acquire an 80% interest in London-based real estate investment manager Palmer Capital Partners.
The interest has an equity value of £40 million and an enterprise value of £30 million. Of the purchase price, £10 million will be payable in Fiera Capital's class A subordinate voting shares.
The deal is expected to close in the first quarter of 2019. Palmer Capital management shareholders will retain a 20% stake in the company.
Palmer Capital founder Ray Palmer will remain executive chairman of the company, while Alex Price will remain CEO.
The deal will boost Fiera Capital's headcount in the U.K. to more than 100. It is also projected to be immediately accretive to Fiera Capital, adding single-digit accretion to adjusted EPS within the first full year from deal closing.