Metro Bank completes acquisition of RateSetter
All necessary regulatory and shareholder approvals for the deal have now been received, Metro Bank says.
Metro Bank PLC (LON:MTRO) has finalized the acquisition of Retail Money Market LTD (“RateSetter”). Metro Bank today announced that all necessary regulatory and shareholder approvals have now been received and the acquisition has completed.
Metro Bank first said that it is in talks over the acquisition of RateSetter in June this year. In August, the agreement for the acquisition was announced.
The deal comprises initial consideration of £2.5 million, with additional consideration of up to £0.5 million payable 12 months after completion subject to the satisfaction of certain criteria and further consideration of up to £9 million payable on the third anniversary of the completion of the transaction, subject to the satisfaction of certain key performance criteria.
RateSetter was founded in 2010 and is the UK’s most popular peer-to-peer lender with over 750,000 people having invested or borrowed through the platform. In its financial year ending 31 March 2019, the company reported revenue of £33 million, a pre-tax loss of £8 million and gross assets of £42 million.
