Wealth management support firm Equiniti Group has edged closer to its acquisition by Siris Capital Group after the deal received regulatory approval.
In April, US private equity firm Siris Capital confirmed its takeover offer for Equiniti, offering shareholders 180p per share, 17p more than the share price at the end of trading (April 27).
On May 27, the boards of Equiniti and Bidco announced they had agreed to a £673m takeover by Earth Private Holdings, the vehicle created by the private equity firm.
And the deal has now been approved by the Financial Conduct Authority.
Through its Equiniti Wealth Solutions brand, Equiniti provides back and middle office technology to wealth managers and stockbrokers.
It also provides back office technology to pension schemes.
The terms of the purchase were also conditional on the New York State Department of Financial Services's approval, which has also been received.
Earlier this year, Interactive Investor bought the direct-to-consumer retail customer book from Equiniti for £48.5m.
sonia.rach@ft.com
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