RBS To Acquire FreeAgent - Quick Facts

(RTTNews) - Royal Bank of Scotland Group plc (RBS, RBS.L) announced the boards of RBS and FreeAgent have reached agreement on the terms of a recommended cash offer pursuant to which RBS BidCo, a wholly-owned indirect subsidiary of RBS, will acquire the entire issued and to be issued ordinary share capital of FreeAgent. Scheme Shareholders will be entitled to receive 120 pence in cash for each FreeAgent share held, valuing the entire issued and to be issued share capital of FreeAgent at approximately 53 million pounds.

FreeAgent is a provider of cloud-based Software-as-a-Service (SaaS) accounting software solutions and mobile applications designed specifically for UK micro-businesses and their accountants. RBS and FreeAgent have an existing commercial partnership. RBS offers FreeAgent's accounting software to its business banking customers and, following a rollout in the fourth quarter of 2017, more than 10,000 RBS customers are already signed up to use the FreeAgent solution.

RBS intends to operate FreeAgent as an operationally independent member of the RBS Group, retaining FreeAgent's existing management team and maintaining its current Edinburgh location.