IFG Group, an Ireland-based financial services company, has agreed to sell its Irish pension and advisory business to Willis Ireland, part of Willis Group Holdings, in a deal worth for EUR13.5 million.
The business being sold by IFG Group trades as IFG Pensions, Investments & Advisory Services, and includes IFG Pensco, Retirement Strategies, IFG Private Clients, Planlife Trustee Services and Trade Credit Brokers.
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The sale comprises an initial consideration of 11.5 million (£9.2 million) payable on completion, with a further 2m payable in two years if certain revenue targets are met.
Subject to regulatory approval, the transaction is expected to close later this year.
The acquisition complements and expands Willis Ireland’s existing pensions business and its financial and wealth-planning services to individuals.
As part of the deal, IFG Ireland chief executive Gary Owens will join Willis Group to lead the combined pension and employee benefits business in Ireland and will step down from IFG’s board.
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By GlobalDataIFG Group said the sale does not include its Irish general insurance business, which trades as ARB Underwriting, however it is currently in discussions about also selling this interest.
Paul McNamara, CEO of IFG Group, said: "This transaction is consistent with our strategy to focus on the continued growth and development of James Hay Partnership and Saunderson. It will also expand the range of services available to clients.
"The sales proceeds will further strengthen our balance sheet and facilitate investment in these businesses. IFG is now a more sharply focused Group with well-positioned businesses and the resources to pursue increased growth in our core markets," he added.
Tim Wright, CEO of Willis International, said: "These acquisitions have an excellent pedigree and will help broaden and deepen our existing presence both in Ireland and worldwide."
