Nucleus Group has announced the recommended cash acquisition of Curtis Banks Group plc for a total equity value of approximately £242m on a fully diluted basis.

Under the terms of the acquisition, Curtis Banks shareholders would receive 350p per Curtis Banks Share, valuing the entire issued and to be issued share capital of Curtis Banks at approximately £242m.

This represents a premium of around 32.1 per cent to the closing price on 24 November, which was the last business day before the commencement of the offer period, and a 7.4 per cent premium on the closing price of 326 pence per share on 4 January 2023.

According to Nucleus, the transaction aims to bring together the Nucleus Group and the Curtis Banks Group to create a "leading retirement-focused adviser platform with approximately £80bn of assets under administration".

Nucleus stated that it hopes the combination of Curtis Banks’ self-invested personal pension (SIPP) and small, self-administered pension schemes (SSAS) product offering and presence as a provider to customers with complex retirement needs, with Nucleus’ established reputation in the UK platform market, will create a “comprehensive proposition” to support financial advisers and their customers across the full wealth spectrum.

Advisers currently served by Curtis Banks will, according to Nucleus, also benefit from access to a broader suite of platform services available within the Nucleus Group’s existing offering.

The acquisition is expected to become effective in Q2 2023, although this is conditional on, among other things, approval by Curtis Banks shareholders and the receipt of clearances from relevant regulators.

Nucleus Group group CEO, Richard Rowney, commented: “We’re delighted to be announcing the acquisition of Curtis Banks, which on completion will become part of our leading independent adviser platform group, with approximately £80 billion in combined assets under administration.

“Our ambition remains to create the UK’s leading platform, exclusively for financial advisers to help them make retirement more rewarding for their customers. We’re already demonstrating the benefits of scale, enabling investment in technology, people, products, price and service.

“As one of the UK's largest independent SIPP and SSAS providers, Curtis Banks not only adds further significant scale to our business but will complement our existing expertise and benefit our combined adviser base providing added flexibility and optionality.”

Adding to this, Curtis Banks executive chairman, David Barral, stated: "The board of Curtis Banks is pleased to be recommending the Nucleus Group’s offer for the company, which represents a significant premium in cash and offers certain value for our shareholders.

"Curtis Banks recognises Nucleus’ established reputation and strength in the adviser platform market, as well as our shared customer-centric approach and aligned corporate values.

"The combined group’s greater scale, efficient platform, broader product proposition and enhanced ability to invest in technology and service will benefit all stakeholders."

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