A long weekend’s always a good time to stitch up a deal - and listed investment company consolidator Wilson Asset Management made the most of it.
WAM Capital founder Geoff Wilson stitched up his latest acquisition while he scouts for M&A targets in the UK.WAM, with about $5.5 billion in assets, used the weekend to pounce on the struggling Absolute Performance Equity Fund , and will add its $85 million or so in assets to its own WAM Leaders large cap fund.For every share in AEG, its investors would get shares in WAM Leaders at the ratio of WAM Leaders’ pre-tax net tangible assets to AEG’s pre-tax NTA. As of April 30, this ratio was 0.
It’s WAM’s 10th deal since 2018, on each occasion using its strong scrip to mop up a smaller rival and in the process has added about $1.3 billion to its assets under management.Interestingly, it is understood WAM founder Geoff Wilson had his team stitch up the deal while he’s in the UK, for work and leisure.A targets in London - considering entering a sector he’s been watching closely for two decades.
As for AEG, it was a sitting duck. The listed investment company, best known for its unique pairs trading style,
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