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LONDON - River Global PLC announced Monday it has entered into heads of terms to acquire Devon Equity Management Limited in a deal valued at up to £2.46 million in equity consideration.
Under the agreement, Devon’s senior management team will receive 16.67 million A Ordinary Shares initially, with a potential additional 24.33 million shares on June 16, 2026, both priced at 6.0p per share. The deferred portion depends on revenue performance of the acquired business.
Devon Equity Management reported an operating profit of £2.1 million from gross revenues of £8.6 million for the year ended December 31, 2024, with net assets of £3.0 million. The company currently manages approximately £835 million in assets.
The transaction is subject to due diligence, regulatory approvals, and definitive legal agreements. River Global expects the acquisition to be earnings enhancing after the first year, following integration of the businesses.
As part of the deal, Devon’s Chairman Simon Troughton will join River Global’s board as a non-executive director, while CEO Richard Pavry will take an executive role. Alexander Darwall, Devon’s Chief Investment Officer, will become Co-Head of European Equities for the combined group alongside Charlie Southern.
Devon Equity Management was founded in November 2019 by Alexander Darwall, Luca Emo Capodilista, and Richard Pavry, all former colleagues at Jupiter Asset Management. The firm specializes in European equities with a concentrated portfolio approach of 25-35 positions.
River Global’s announcement noted that Darwall has managed European equities since 1996 and has led European Opportunities Trust PLC since its launch in 2000, delivering an annualized NAV total return of 10.5% through May 31, 2025.
The information was disclosed in a press release statement from River Global PLC.
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