Alliance Trust completes transformation with subsidiary sale for £40m – Alliance Trust (ATST) has announced the completion of the sale of its subsidiary company, Alliance Trust Savings, to Interactive Investor.
The total deal value is £40m; ATST expects the net proceeds to be £34.5m, which will be re-invested into its global equity portfolio. The global equity portfolio accounts for 97% of the trust’s asset base and this sale is being seen as representing the completion of ATST’s strategic transformation into a global equity trust.
ATST’s chairman, Lord Smith of Kelvin, confirmed this in the notes accompanying the deal announcement: “The board is pleased that the sale of ATS to ii has completed. The sale completes our transformation into a fully focused global equity trust, which should improve returns to shareholders.“
ATST: Alliance Trust completes transformation with subsidiary sale for £40m