Business World

Sunday 18 August 2019

UK regulator clears IFG takeover

IFG CEO Kathryn Purves
IFG CEO Kathryn Purves
Ellie Donnelly

Ellie Donnelly

The Financial Conduct Authority in the UK has approved the £206m (€222m) acquisition of financial services group IFG by private equity firm Epiris.

The Acquisition and the Scheme, which were approved by IFG Shareholders on 9 May, remain subject to the sanction of the High Court in the UK.

It is expected that completion of the acquisition will occur as soon as practicable following such sanction. 

The Court hearing, where such sanction will be sought, has been set for 27 August.

IFG has two businesses - James Hay and Saunderson House.

James Hay provides pensions administration and investment platform services, and Saunderson House is an independent wealth manager and financial adviser.

In a statement today IFG said further announcements will be made as necessary.

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