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May 28, 2019

Quilter secures FCA nod for Lighthouse deal

The acquisition of advice firm Lighthouse Group by Quilter unit Intrinsic Financial Services has received the go-ahead from the UK’s Financial Conduct Authority (FCA).

Commenting on the development, Lighthouse said: “Lighthouse and Intrinsic are pleased to announce that the FCA has given notice in writing that it has determined to approve the Acquisition.

“The Condition related to such approval has therefore been satisfied.”

The £46.2m deal was first announced last month.

The deal got the approval of Lighthouse shareholders earlier this month.

Under the agreement, Quilter will pay 33 pence for every Lighthouse share.

As part of the deal, 400 advisers will join Intrinsic.

The transaction is now subject to court approval.

“The Court Hearing has been scheduled to be heard on 10 June 2019,” Lighthouse said in a statement.

Lighthouse CEO Malcolm Streatfield backed the deal.

According to Streatfield, the two firms are an “excellent fit”.

Streatfield noted: “We would struggle to find a more complementary business and we look forward to working closely with them as we look to complete the deal and build a stronger combined business.”

However, not everyone has welcomed the deal. Among them are Lighthouse investor Paul Mumford.

Mumford said: “Quilter’s bid for Lighthouse does not adequately value what is a unique and strongly growing business.”

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