Investec To Pick Up Evolution For $370M

Law360, New York (September 9, 2011, 1:50 PM EDT) -- Investec PLC, the growing South African financial services firm, said Friday it would pay $370 million to buy London private bank Evolution Group PLC in a move to increase its exposure to private client wealth.

The deal, which would see Evolution Group shareholders get 0.23 newly issued Investec shares for each of their current shares, values the targeted bank at 100.24 pence ($1.59) per share — a nearly 45 percent premium to Evolution Group's share price prior to Sept. 4, when news of the offer surfaced....
To view the full article, register now.