South African financial services group Old Mutual is carrying out advanced talks to acquire UK-based independent wealth manager Quilter Cheviot for about £650m.
The offer is nearly £50m more than the amount offered by Old Mutual during its first bid for Quliter in the summer, reports Sky News.
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Quilter Cheviot, which is owned by the private equity firm Bridgepoint and has assets worth almost £16bn under management, is being advised by bankers at Rothschild on the matter.
The takeover would lead to the creation of a more powerful platform for helping cater to the needs of affluent clients.
The deal is expected to be inked within a few weeks.
Meanwhile, Bridgepoint is carrying forward its plans for a stock market listing that would bring Quilter Cheviot into London’s 350 largest listed companies.
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