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May 13, 2019updated 28 May 2019 7:52am

Lighthouse shareholders approve £46.2m Quilter deal

Quilter’s proposal to acquire advice firm Lighthouse Group has secured the green light from the latter’s shareholders.

“At the Court Meeting, a majority in number of Lighthouse Scheme Shareholders, who voted and were entitled to vote, either in person or by proxy, and who together represented over 75 per cent. by value of the votes cast, voted in favour of the resolution to approve the Scheme. The resolution was accordingly passed,” Lighthouse said in a statement

Among the voters, 92.38% gave the go-ahead to the transaction.

The rest voted against the deal.

Quilter advice arm CEO Andy Thompson said: “Following completion, we will look to combine the expertise of both businesses to deliver trusted financial advice.”

Lighthouse CEO Malcolm Streatfield too welcomed the deal, calling the two companies “an excellent fit” and adding that Lighthouse “would struggle to find a more complementary business”.

The £46.2m deal was announced last month.

As part of the deal, 400 advisers will join Quilter’s advice unit Intrinsic.

The transaction is expected to increase the financial adviser headcount at Intrinsic to more than 3,900.

The deal is currently subject to regulatory approval.

Quilter has been on an acquisition spree in the recent times.

Earlier in 2019, the firm acquired Charles Derby, Freedom Financial Planning and Stephen Spires Financial Consultants.

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