Quilter has received regulatory approval for the sale of its international business, Quilter International, to insurer Utmost Group.
The £481m deal is now scheduled for completion on November 30, 2021.
Utmost Group will fund the deal through a combination of approximately £200m of current excess capital within the business and additional equity subscription by Utmost Holdings (Guernsey) Limited of approximately £300m.
The deal will add approximately £23bn of assets under administration and 90,000 policyholders to Utmost, taking total assets under administration to around £61bn and total policyholders to 580,000.
Quilter first announced the sale of its international business in April for a price tag of £483m.
At the time, the firm said the sale had been unanimously agreed by the Quilter board and would allow the group to focus on its UK wealth management business.
In its half year results earlier this year, Paul Feeney, chief executive of Quilter said: “With the sale of Quilter International, our results demonstrate good early progress on our more focused, UK-based strategic path and gives a taste of what we know our business can deliver in the future.
“We are ahead of where we planned to be at this stage and are on track to meet our operating margin targets of 25 per cent in 2023 and 30 per cent by 2025."
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