- Curtis Banks Group has agreed acquire Suffolk Life Group and its subsidiaries from Legal & General Group for GBP45 million.

The acquisition is to be funded by the combination of an underwritten placing of 8,437,500 new ordinary shares at 320p apiece to raise GBP27 million and a new debt and revolving credit facility.

The acquisition is subject to regulatory approval by the Financial Conduct Authority and the Prudential Regulation Authority.

Curtis Banks is one of the UK's leading self-invested personal pension providers and the board believes Suffolk Life is highly complementary to the existing business.

Executive chairman Chris Banks said: "We are delighted to announce the acquisition of Suffolk Life. Following this Curtis Banks will be the second largest independent full SIPP provider in the UK.

"Suffolk Life is one of the oldest and most respected brands in the SIPP industry, with an excellent reputation for service and professionalism. We are delighted that Legal & General has chosen us to take ownership of this business and believe this reflects our strong standing and market reputation.

"We believe that Suffolk Life has a strong heritage, culture and client focus which we share at Curtis Banks. We will retain Suffolk Life's headquarters in Ipswich and believe there will be continuity for clients and exciting opportunities for Suffolk Life's management and employees as part of the enlarged group."

At 9:51am: [LON:CBP] Curtis Banks Group Plc Ord 0.5p share price was +5p at 362.5p

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