An offer from AXA for adviser firm SBJ Group has been completed after shareholders and the FSA gave the deal the green light.
More than 90% of SBJ shareholders agreed to the proposal and AXA has now taken formal control of the Group.
Meanwhile, a merger deal between IFA firms Sumus and Lighthouse Group has been approved by the FSA but is still awaiting the thumbs up from shareholders.
Members of the SBJ board last week unanimously recommended the AXA offer to purchase 100% of its shares.
Nicolas Moreau, chief executive of AXA UK, says: “This marks a significant step in our strategy to build a leading advisory services and broking business in the UK.
“The addition of SBJ strengthens our position in the market and represents an exciting opportunity for SBJ and AXA.”
The amalgamation of AIM-listed Sumus and Lighthouse – to be branded Lighthouse – will make the company the “best positioned advisor group in the industry”, a joint statement read.
The duo say the new firm will have a pro-forma turnover in excess of £80m and £22m estimated net assets.
Lighthouse will acquire entire issued and to-be-issued ordinary share capital of Sumus at 42.3p per share, valuing Sumus at approximately £12.6m.
Under the deal’s terms, Sumus shareholders are entitled to 1.88 new Lighthouse shares for every Sumus share held.
Although structured as an acquisition, the merger will not affect Sumus’ day-to-day business operations, with the group retaining its well known Falcon and FSAS brands.
The new board will also be split 50/50 between the two groups.
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