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Investec to Begin ‘Detailed’ Talks With Evolution, Times Says

Aug. 7 (Bloomberg) -- Investec Plc, the private bank and wealth manager bidding to buy Evolution Group Plc, will begin “detailed discussions” with the British brokerage this week, The Sunday Times reported without saying where it got the information.

While the parties haven’t agreed on a price yet, the value of the deal focuses on Evolution’s wealth-management business, the newspaper said. Investec won’t place a value on Evolution’s securities unit, which reported a loss in the first half, according to the newspaper.

To contact the reporter on this story: Firat Kayakiran in London at fkayakiran@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net

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