FINRA, the US regulator, has given its approval for European Wealth to acquire Newbridge Corporation.
The firm first announced its intention to make the acquisition in October 2017. At the time it said that to reflect the global reach the deal would give the business it would re-brand as Kingswood.
Now the US authorities have approve the deal, European Wealth “will now move to the final stages of its commercial due diligence on Newbridge, in order to assess whether the remaining (non-regulatory) closing conditions can be fulfilled to the board’s satisfaction, including a satisfactory final closing balance sheet and confirmation that there are sufficient provisions for all current and future liabilities identified since announcement of the proposed acquisition,” it said in a statement. It also added that “there is no guarantee that the transaction will close.”
Earlier this year Marianne Ismail, who became chief executive of European Wealth in September 2017, told thewealthnet Newbridge was “a very attractive opportunity” and that it was important to have a presence in the US as “it’s the largest wealth management market in the world and a growth market”. She added that there were still opportunities for growth in the UK too.