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The companies together decided to terminate their January merger agreement, valued at $1.4b, according to statements from both of them that didn’t specify a reason. Instead, UBS will purchase a $69.7m note convertible into Wealthfront shares.
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UBS is “expanding into new segments to reach a much broader set of clients,” Hamers said in the lender’s annual report, published shortly after the announcement. The Wealthfront deal “will help us deliver a digital wealth management offering to Millennial and Gen Z affluent investors in the US, allow us to expand our wallet share, lower the cost to serve and drive long-term growth.”
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