- Quilter announced they agreed the terms of a recommended cash offer to be made by Intrinsic for financial adviser group Lighthouse.

Under the terms of the Acquisition, Lighthouse shareholders will receive 33p in cash for each share valuing Lighthouse at approximately £46.2m.

The takeover offer represented a premium of approximately 24.5% to the closing price of 26.5p per Lighthouse Share on 2 April 2019.

Quilter said its strategy is to be the leading wealth manager across the UK, with face to face advice forming a core priority for the group.

The company reported it is committed to growing its controlled advice capabilities across its national and network businesses.

Quilter said it has a high regard for Lighthouse's business, its management, staff and professional advisers.

Quilter chief executive officer Paul Feeney commented: "At Quilter, our focus is on delivering good client outcomes and that always starts with advice.

"We are delighted to have agreed a recommended cash offer for Lighthouse and look forward to their advisers joining the Quilter family.

"As the advice market consolidates, the strategic acquisition of Lighthouse will help secure Quilter's position as the place to go for trusted financial advice in the UK."

Story provided by