Financial services firm Curtis Banks has reached an agreement with rival Nucleus which could see the Bristol-headquartered business acquired for £242m.
Bosses at both firms said the deal would create a retirement-focused adviser platform with approximately £80bn of assets under administration.
Scottish financial advice group Nucleus has purchased Curtis Banks, a major self-invested personal pension provider (SIPP), through its wholly-owned subsidiary Nucleus Clyde Acquisition Limited or 'Bidco', incorporated last month.
The board of Curtis Banks, which is based at Temple Quay near Bristol Temple Meads Station, has recommended the offer for shareholders approval.
Under the terms of the agreement Curtis Banks shareholders would be entitled to receive £3.50 in cash per share. The offer will be put to shareholders at the firm’s general meeting, with a resolution requiring a threshold of 75% in support, in order for it to be passed.
Subject to approval, the company’s directors said the acquisition was expected to become effective in the second quarter of this year.
David Barral, the Executive Chairman of Curtis Banks, said: “The Board of Curtis Banks is pleased to be recommending the Nucleus Group's offer for the company, which represents a significant premium in cash and offers certain value for our shareholders.
“Curtis Banks recognises Nucleus' established reputation and strength in the adviser platform market, as well as our shared customer-centric approach and aligned corporate values. We believe that the combined group's greater scale, efficient platform, broader product proposition and enhanced ability to invest in technology and service will benefit all stakeholders."
Nucleus’ group chief executive Richard Rowney added: “As one of the UK's largest independent SIPP and SSAS providers, Curtis Banks not only adds significant scale to our business, but will complement our existing expertise and benefit our combined adviser base providing added flexibility and optionality."
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