10th Oct 2014 07:46
LONDON (Alliance News) - British insurer Old Mutual PLC is in advanced discussions to buy Quilter Cheviot, one of the UK's biggest independent wealth managers, for about GBP650 million, Sky News reported Friday.
The report indicated that Old Mutual is closing in on an agreement to buy Quilter Cheviot after sweetening its offer for the company by about GBP50 million. A deal could be struck within a few weeks, Sky News said.
Quilter Cheviot is owned by the private equity firm Bridgepoint.
Quoting People familiar with the matter, the report said that a deal between the two companies was not certain, adding that Bridgepoint was continuing to progress its plans for a stock market listing for Quilter Cheviot.
The report also said that other prospective buyers, including Investec PLC, have considered a takeover of Quilter Cheviot although it was unclear whether any other formal offers have been tabled.
Copyright RTT News/dpa-AFX
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