Nucleus Group has confirmed the acquisition of Curtis Banks in a £242m deal.

The transaction will see the pair join together to create a retirement-focused adviser platform with approximately £80bn of assets under administration.

Nucleus suggested that the combination of its reputation in the UK platform market, alongside Curtis Banks’ SIPP and SSAS product offering and presence as a provider to customers with complex retirement needs, will create a “comprehensive proposition” to support financial advisers and their customers across the full wealth spectrum.

Advisers currently served by Curtis Banks will also benefit from access to a broader suite of platform services available within the existing Nucleus offering, including ISAs, GIAs and onshore and offshore bonds, enabling financial advisers to help make retirement more rewarding for their customers.

The deal was announced as cash acquisition for consideration of 350p per Curtis Banks share, a 32.1% premium to the closing price before the commencement of the offer period. The acquisition remains conditional on the approval by Curtis Banks shareholders and the receipt of clearances from relevant regulators.

Commenting, group CEO of the Nucleus Group, Richard Rowney, said: “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.”

Curtis Banks executive chairman, David Barral, added: “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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