Smith & Williamson shareholders have given the go-ahead for its acquisition by rival Tilney.

The transaction was announced in September last year for £625m.

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It was postponed in April this year due to the Covid-19 pandemic and ongoing talks with the Financial Conduct Authority (FCA) about its revised structure.

However, this June, the two parties concerned agreed on a revised transaction structure.

Moreover, private equity firm Warburg Pincus agreed to co-invest in the merged group along with funds from Permira.

The deal, now slated to close on 1 September 2020, recently secured the green light of the FCA. It now awaits the UK High Court’s sanction.

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The combined business will have more than £45bn in assets, of which 80% is in discretionary mandates or funds.

It will have around 280 investment managers, 260 financial planners as well as a professional services business with 150 partners and directors.

Tilney CEO Chris Woodhouse said: “We are delighted that Smith & Williamson shareholders have overwhelmingly voted in favour of the merger and can confirm that all regulatory approvals have now been received.

“This is a significant transaction and getting to this stage in the midst of a global pandemic is a real achievement. We now look forward to completing the deal over the coming weeks and bringing these two great businesses together.”