The new independent wealth management business will be renamed Rensburg Sheppards and will have combined assets under management of £10.3bn. The deal, classified as a reverse takeover, cost Rensburg £188m through the issue of 25.5 million consideration shares and a £60m subordinated loan to Investec.The acquisition is still conditional on the approval of Rensburg’s shareholders, who will vote on the deal at an extraordinary general meeting on April 20. Trading in Rensburg ordinary shares resumed last week after being suspended in December when the group reached an agreement in principle with Investec. Rensburg shareholders will also receive £10m of the company’s existing cash reserves through a special dividend payment of 45p per share once the merger is completed According to Rensburg, the two groups have a common vision and pan-UK strength, with Rensburg based primarily in the north and Carr Sheppards Crosthwaite in the south. Rensburg has estimated the new combined independent investment management group’s revenue at £84m. Rensburg’s Michael Burns will be chief executive of the new group, with Stephen Elliott of Carr Sheppards Crosthwaite taking over as managing director. Carr Sheppards Crosthwaite has been a wholly-owned indirect subsidiary of Investec since 1997. As a result of the acquisition, Investec will now own 47.7% of Rensburg’s share capital. Rensburg also announced last month that it had rejected a pre-conditional offer from Rathbones to acquire its entire issued share capital.