By John Reynolds on Tuesday 18 February 2020
Interactive Investor is to buy The Share Centre in a deal worth £69.1m.
Augmentum Fintech, the publicly listed investment company focused on the fintech sector, said the value of its holding in Interactive Investor has increased by £5.9m following its takeover of The Share Centre.
It was announced yesterday (Monday) that Interactive Investor, the UK's second biggest direct-to-consumer platform, is to purchase competitor The Share Centre in a deal worth £61.9m. The deal is expected to be completed in the third quarter of this year.
Augmentum said the deal means the value of its holding in Interactive Investor has gone up by £5.9m to £20.7m from its valuation of £14.8m in September 2019.
London-listed Augmentum, which is headed up by CEO Tim Levene (pictured), was set up as a private vehicle in 2010 to invest in European fintech companies, seeking to disrupt traditional banking and financial services, business models.
The deal means a windfall for The Share Centre founder Gavin Oldham, who owns 69 percent of its AIM-listed shares.
Oldham is set to pocket £40m, with £4m in cash and the rest in shares.