Michael Spencer is set for a £22.8 million ($28.4 million) payout after Deutsche Bank AG agreed to buy UK stockbroker Numis Corp.
(Bloomberg) — Michael Spencer is set for a £22.8 million ($28.4 million) payout after Deutsche Bank AG agreed to buy UK stockbroker Numis Corp.
The City of London tycoon owns about 6% of Numis, making him the firm’s second-largest shareholder, according to data compiled by Bloomberg. The 350-pence-a-share agreed takeover price will deliver a roughly £7 million profit to Spencer, who built the bulk of his stake between December 2018 and August 2019, according to calculations by Bloomberg. Back then the stock traded closer to 250 pence.
Read More: Deutsche Bank to Buy Numis in Surprise City of London Deal
“This is a great deal for both parties,” Spencer said in a statement.
Former Conservative Party treasurer Spencer, 67, originally made his fortune through broker ICAP Plc, a business he founded in 1986. He was was previously chairman of Numis, but stood down in 2009.
Spencer holds his Numis stake through his personal investment firm, IPGL. Through London-based IPGL, Spencer has diversified his fortune into real estate, wine and wealth management.
The firm had £1.1 billion in net assets at the end of March 2022, including a stake in CME that’s below reporting thresholds. In recent years, it invested in German insurtech platform Hepster and British e-sports franchise EXCEL Esports.
Fellow shareholder Anders Holch Povlsen — whose investment vehicle owns about 23% of Numis — will receive £88 million for his stake if the deal completes, according to calculations by Bloomberg. Povlsen has a net worth of about $5 billion, according to the Bloomberg Billionaires Index.
(Adds comment from Spencer in third paragraph; Povlsen’s net worth in final paragraph.)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.