Quilter finalises £46.2m Lighthouse buy out

Quilter unit Intrinsic has wrapped up the proposed takeover of advice business Lighthouse.

The deal, announced this April, is valued at £46.2m.

The transaction secured the approvals of Lighthouse shareholders and the Financial Conduct Authority last month.

Under the agreement, each Lighthouse share will fetch 33 pence in cash.

Lighthouse CEO Malcolm Streatfield said: “This transaction is testament to the quality of what Lighthouse’s staff and advisers have produced and confirmation of its value.

“Quilter and Intrinsic now offer us the opportunity for even greater success.

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

Streatfield will now report to Intrinsic CEO Andy Thompson.

Lighthouse non-executive chairman and director Richard Last has now stepped down.

The firm’s non-executive directors Alexander John Scott-Barrett, Michelle Ann Cracknell and Ann Lindsay Roughead also stepped down as part of the deal.

Thompson noted: “Since the announcement of our offer we’ve had an opportunity to work a little more closely with Lighthouse to better understand their culture, operations and model.

“We are excited to continue to grow that understanding and work together, taking the best of both businesses, to become a stronger single business.”

Notably, Tavistock Investments terminated its strategic partnership with Lighthouse after the Quilter deal.