Scottish investment firm Abrdn has confirmed it is in talks with J.C. Flowers & Co to acquire online investment platform Interactive Investor (II).
II is the UK’s second-largest retail investment platform
Sky News reported over the weekend that Abrdn, formerly Standard Life Aberdeen, is in advanced talks to purchase the UK’s biggest flat-fee investment platform for more than £1.5 billion.
Abrdn released a statement on Monday confirming the takeover talks, but made clear nothing is finalised as yet.
The statement reads: “The Company notes recent media speculation and confirms that it is currently in discussions with J.C. Flowers & Co regarding a potential acquisition of Interactive Investor.
“There can be no certainty that these discussions will result in a transaction and a further announcement by the Company will be made as and when appropriate.”
Private equity firm J.C. Flowers & Co is the majority shareholder in Interactive Investor after financing the acquisition by II of TD Direct Investing from Toronto-Dominion Bank in June 2017.
Founded in 1995, II has around £55 billion of assets under administration, over 400,000 customers and more than one million users.
Should the talks result in a deal, it would cap a busy second half of the year for Abrdn after the firm agreed the acquisition of wealth management platform Exo Investing from Nucoro back in August.
