The Financial Conduct Authority (FCA) has given the necessary regulatory approval for the private-equity acquisition of IFG Group, the parent company of platform and SIPP operator James Hay and wealth manager Saunderson House.
In March, the board of IFG unanimously recommended the group's shareholders accept a cash offer from UK private equity firm Epiris - formerly known as Electra Partners - for £1.93 per ordinary share, which valued the business at approximately £206m. The acquisition, which was approved by IFG shareholders on 9 May, remains subject to the sanction of the High Court and the court hearing, where this will be sought, has been set for 27 August 2019. The deal has been structured so that IFG is bought by SaintMichelCo Limited, an indirect wholly-owned subsidiary of funds of which Epiris GP L...
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