The acquisition of UK investment bank Numis by Deutsche Bank

FTI Consulting

Client: Numis

FTI Consulting was appointed by Numis in 2023 as M&A communications adviser, as it looked to effectively communicate to all its stakeholders in accordance with the Takeover Code following a takeover approach by Deutsche Bank AG. Any ‘hands-off’ approach to deal communications by Numis risked its key stakeholders – its people, clients and shareholders – forming their own opinions based on prevailing negative market sentiment. During a period of low market activity and scrutiny of the UK’s capital markets, the significant attention the deal was likely to receive also heightened the leak risk. Transaction communications therefore needed to enable Numis to speak to its stakeholder groups, with nuance in both message and approach to manage potential interpretations which would directly impact either company operations or transaction success. This meant understanding the needs and wants of each stakeholder group, beyond shareholder returns, and matching the deal’s positive contribution on each of these issues in all public communications. Transaction communications materials prioritised Numis’ commitment to preserving and enhancing outcomes for its clients, shareholders and people. Combined with a front-footed approach to media engagement, market and media reception to the deal was largely upbeat, with coverage highlighting the deal as a vote of confidence in the UK market and the opportunity for the combined entity to establish leading force in UK investment banking. This was reinforced by the strong understanding of Numis amongst high profile journalists which had been built up by FTI and Numis communications over the year and a half prior.