Quilter has agreed to acquire advice firm Lighthouse in a deal valued at £46.2m.
As per the agreed terms of the transaction, Quilter will offer 33 pence for each Lighthouse share.
Quilter said that the structure of its advice unit Intrinsic and Lighthouse are “highly complementary”.
Intrinsic CEO Andy Thompson said: “Intrinsic and Lighthouse are highly compatible businesses with similar experiences, complementary structures and focus on delivering good customer outcomes.
“The acquisition presents an opportunity to combine the expertise and capabilities of both businesses to accelerate our ability to provide customers with quality controlled financial advice.”
A total of 400 advisers will move to Intrinsic as part of the acquisition.
The deal is slated to close in the second quarter of this year.
Quilter CEO Paul Feeney said: “As the advice market consolidates the strategic acquisition of Lighthouse will help secure Quilter’s position as the place to go for trusted financial advice in the UK.”
The latest buy continues Quilter’s consolidation activities this year.
This February, Quilter acquired financial planning business Charles Derby.
More than 200 financial planners joined Quilter’s national advice business as part of the deal.
The deals added around £130m in assets to Quilter’s portfolio.