Financial planning firm WH Ireland has said it is in talks to acquire counterpart firm Harpsden Wealth Management in a £7.8m deal.
The listed company, which has offices in Salford, announced it has entered into a conditional acquisition agreement to acquire the entire issued share capital of the firm.
In order to support the acquisition, WH Ireland announced it is carrying out equity fundraising to raise approximately £5.3m, through the issue of around 13.25m ordinary shares at 40 pence per share.
The share price is a 3.6 per cent discount to the closing price of 41.5p on November 27.
WH Ireland chief executive Phillip Wale said: “The acquisition of Harpsden is in line with our stated strategy of growing the Wealth Management division through both organic and inorganic growth.
“The progress we have made in reorganising our business is evidenced by our return to profitability and we now have a robust operating platform from which to build both businesses.
“The Conditional Acquisition will add assets to our platform and also strengthen key elements of our proposition for the future.
“It is financially attractive and our route to full integration is clear. We look forward to welcoming the Harpsden team and feel confident that we are creating a stronger and more capable Wealth Business with clear differentiation.”