Utmost Group has secured all necessary regulatory and competition approvals to complete its previously announced acquisition of Quilter International.
The deal is now slated to close on 30 November 2021.
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According to a company statement, Utmost Group received green light from the European Commission, the Isle of Man Financial Services Authority and the Central Bank of Ireland for the deal.
Separately, Utmost also received go-aheads from the Dubai Financial Services Authority and the Insurance Authority of Hong Kong and the Monetary Authority of Singapore.
Notably, a subsidiary of Utmost Group signed an agreement in April to acquire Quilter International from Quilter. Total consideration payable will be £481m ($645.58m).
Quilter International provides cross-border wealth management solutions.
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By GlobalDataAs earlier agreed, Quilter International will become a part of Utmost International, the international life assurance business of Utmost Group.
Once complete, the acquisition will add around £23bn of assets under administration and 90,000 policyholders to Utmost International.
This will increase the group’s total assets under administration to nearly £61bn and total policyholders to 580,000.
At the time of deal announcement, Utmost Group CEO Paul Thompson said: “This is a highly attractive acquisition for Utmost Group and underscores the importance of our Utmost International business.
“Quilter International is highly complementary to our existing International business from both an operational, product and distribution perspective.
“The acquisition is in line with our growth strategy and positions us well to benefit from the fundamental growth trends in the international life assurance sector.”
