Nucleus Clyde Acquisition (Bidco), a wholly-owned subsidiary of UK-based Nucleus Financial Platforms, has entered into a deal to purchase Curtis Banks Group for £242m on a fully diluted basis.

Headquartered in the UK, Curtis Banks currently provides self-invested personal pension (SIPP) as well as small, self-administered pension schemes (SSAS) solutions.

The new deal will see the creation of a retirement-driven adviser platform with around £80bn in assets under administration.

The planned platform will combine Curtis Banks’ SIPP and SSAS tools with Nucleus’ experience in the British platform market. It will cater to the financial advisers and their clients.

Curtis Banks’ existing network of advisers will also be able to avail new platform services offered by Nucleus Group, such as onshore and offshore bonds, among others.

Curtis Banks’ board has recommended its shareholders to vote in favour of the deal.

Nucleus has also obtained final undertakings to vote in favour of the deal from the founding shareholders of Curtis Banks in addition to Oryx International Growth Fund and Odyssean Investment Trust, who altogether hold 49% of Curtis Banks’ issued share capital.

Subject to the approval of Curtis Banks shareholders, relevant regulators and others, the deal is anticipated to be closed in the second quarter of this year.

The agreement will be executed in the form of a scheme of arrangement.

It follows an announcement made by Curtis Banks last month regarding a potential deal between the company and Nucleus.

Nucleus Group CEO Richard Rowney said: “Our ambition remains to create the UK’s leading platform, exclusively for financial advisers to help them make retirement more rewarding for their customers.

“We’re already demonstrating the benefits of scale, enabling investment in technology, people, products, price and service.”