Quilter, Old Mutual’s former wealth management business, has made an acquisition in the UK as part of its plans to grow its advisory operations. Quilter’s advisory business Intrinsic has agreed to buy London-listed Lighthouse in a deal worth £46.2m (R861m), it said on Wednesday. The deal is in line with Quilter’s plans “to be the leading wealth manager across the UK, with face-to-face advice forming a core priority for the group”, the financial services group said.
Lighthouse shareholders would receive 33p for each of their shares in the business, which has about 400 advisers in the UK, said Quilter, which was spun out of Old Mutual in June 2018. The deal values Lighthouse at £46.2m, a 24.5% premium to Lighthouse’s closing price on Tuesday. Lighthouse’s shareholders will also receive the company’s 2018 final dividend of up to 0.5p a share. Quilter’s shares were 2.3% up at R28.52 at midday on Wednesday. Intrinsic CEO Andy Thompson said Intrinsic and Lighthouse “are highly comp...
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