Lighthouse shareholders vote in favour of Quilter bid

Lighthouse shareholders vote in favour of Quilter bid

Quilter’s £46.2m bid to buy national advice company and network Lighthouse has been voted in by the company's shareholders. 

In a court meeting earlier today (May 10) 86 per cent of Lighthouse shareholders who voted on the bid, voted in favour of the deal.

About 75 per cent of all the Lighthouse shareholders voted on the deal, either at today's meeting or by proxy, satisfying the percentage needed for the acquisition to be successful. 

The acquisition will see 400 advisers join Quilter's advice arm Intrinsic, meaning Quilter will have 3,900 advisers - as many as St James's Place.

Quilter announced last month it will pay £42.2m for the deal, with the remainder of the offer sourced from Lighthouse's excess cash on its balance sheet. 

Andy Thompson, chief executive of Quilter’s advice business, said: "We are delighted to have completed this important stage in our journey to acquiring Lighthouse.

"As we engage more with Lighthouse’s staff and advisers we see the strong similarities between the two businesses. Following completion we will look to combine the expertise of both businesses to deliver trusted financial advice."

Malcolm Streatfield, chief executive of Lighthouse, said: "The strong result from today’s meeting supports our view that Intrinsic and Quilter are an excellent fit for our business.

"We would struggle to find a more complementary business and we look forward to working closely with them as we look to complete the deal and build a stronger combined business."