IFAST (SGX:AIY), a wealth management company, has acquired a 6.93% equity stake in Eagles Peak for 4 million pounds, according to a Friday filing on the Singapore Exchange.
The deal increases iFAST's ownership in iFAST Global Bank (UK Bank), a unit of Eagles Peak, to 100% from 93.07%.
The acquisition, funded through internal resources, valued the acquired shares at nearly 5 million pounds, based on arm's length negotiations.
IFAST plans to rename Eagles Peak to iFAST UK Holdings Limited.
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