R8 Capital Investments plc (LSE:MODE) signed a letter of intent to acquire Redwood Financial Partners Limited on October 2, 2023. The consideration payable by the Company to the shareholders of RFPL has not yet been determined, it is anticipated that it will be in excess of £50 million. The consideration will be satisfied entirely by the issue of new R8 shares.

The acquisition will remains subject to formal terms being agreed and the completion of legal and financial due diligence and regulatory approvals. As of November 10, 2023, the parties have agreed to target completion of the Transaction on or around 1 July 2024. The extended timeframe is largely due to the timelines for certain financial and reporting workstreams to be completed, including an IFRS conversion exercise of Redwood Bank Limited.